In the transportation industry, there are many moving parts that can impact your day-to-day operations. From monitoring carrier capacity and driver shortages to tracking diesel pricing, staying current on the events in transportation means you will be better equipped to make knowledgeable business decisions and drive growth and efficiency into your supply chain. The Market Update, a new monthly post highlighting key factors that impact the transportation industry in North America, will keep you up to speed on the latest news and topics that matter to your business.
Large Scale Market Indicators
There are significant improvements in sectors of the economy that generate lots of freight—namely, manufacturing, construction, and imports. Import traffic has an even more intense effect right now because of uncertainty surrounding contract negotiations with port workers on the West Coast. Read more.
Negotiations are still underway between the International Longshore and Warehouse Union (ILWU) and the Pacific Maritime Association. The previous labor contract covered nearly 20,000 Longshore workers at 29 West Coast ports and expired on July 1. While there is no contract extension in place, both parties have pledged to keep cargo moving. Read more.
A total of 375 truck fleet companies with 9,435 trucks went bankrupt in the second quarter of 2014, a number that is well above the 205 carriers and 4,745 trucks in the second quarter of 2013. Read more.
According to a recent study by the American Trucking Association (ATA), there are about 30,000 unfilled truck driving jobs across the country, and that shortage is expected to worsen. With retirements on the horizon for many truck drivers and fewer young people getting into the industry, it’s important to make plans to combat the shortage. Read more.
According to the Department of Energy Information Administration (EIA), the average price for diesel per gallon is $3.858 and stands as the lowest price since November 2013. With prices continuing to hover around the $4 per gallon mark, adjusting budgets is only part of the solution when it comes to dealing—and living—with fuel price fluctuations. Read more.
Which transportation indicators or topics are most relevant to your interests? Leave your suggestions in the comment section.