Dry van volumes increased 1.15% on Thursday alone. ROTVI continues to underperform on a year-over-year basis, currently down more than 10% y/y.Ĭonversely, dry van volumes really picked up steam this week, rising 2.4% w/w. ROTVI pulled back by nearly 3% w/w, the largest weekly decline in nearly a month. Over the past week, freight volumes increased by 3.6% w/w alone.īy mode: Reefer tender volumes, as represented by the Reefer Outbound Tender Volume Index (ROTVI), continued to fall over the past week. The result has led to increases in outbound truckload volume from the Memphis market. Volumes in Dallas continue to outperform 2020 levels, now running up over 21% y/y.īNSF has opened an intermodal terminal outside of the Memphis, Tennessee, market in an effort to ease congestion in both Chicago and Dallas. Volumes in both Chicago and Dallas rose by nearly 4% in the past week. Interior markets, which had been lagging behind the markets with major ports, saw an uptick in freight volumes as well. The Port of New York/New Jersey has experienced an increase in imports as congestion has intensified in San Pedro Bay in Southern California. Elizabeth, New Jersey, which houses the Port of New York/New Jersey, experienced freight volumes grow by over 7% in the past week. The largest markets in the country have experienced an uptick in freight volumes over the past week. Overall, the increase in volume levels in the market is a mere blip on the radar but shows how winter weather can affect freight markets in the upcoming months. The smallest market in the country, Green River, Wyoming, experienced the largest increase in freight volumes over the past week as a snowstorm swept across the area. Tender levels are higher in a majority of the country, including in red-colored marketsĪcross the country, 72 of the 135 markets tracked by FreightWaves SONAR were lower over the past week.
Accepted tender volumes jumped nearly 2% week-over-week (w/w), maintaining strength compared to last year, running up over 7% y/y.
Adjusting OTVI, which includes both accepted and rejected tenders, by the tender rejection rates shows the true level of freight moving through networks. Nearly a quarter of respondents cited shipping delays and stockouts as concerns for opting for gift cards.Įven with the risks associated with truckload demand over the next couple of months, freight volumes are likely to continue to outperform 2020 levels. A survey conducted by Blackhawk Network, a global branded payments provider, found that 83% of consumers prefer gift cards over physical gifts this year. If there is a slowdown in consumer spending, freight demand may fall off, though shippers are attempting to restock inventories across the country.Īn additional risk for freight volumes during the traditional peak season is the rise in gift cards.
The University of Michigan’s Consumer Sentiment Index did increase ever so slightly in September, but the number continues to be the lowest level in more than a decade. One of the highlights has been the rise in spending on clothing, which is 23% higher y/y and 25% higher than 2019 levels. Retail sales numbers were a surprise in September, rising 0.7% and beating expectations of a 0.2% decline.Īccording to Bank of America, total card spending continues to run up over 15% year-over-year (y/y) and nearly 20% above 2019 levels, signaling that the consumer is quite strong.
#STEAM INDEX DRIVER#
Consumer strength has been a primary driver of freight demand for the better part of the past year. The fourth quarter is traditionally soft at the beginning before showing strength into the retail peak season. To learn more about FreightWaves SONAR, click here. The outperformance in outbound volumes dissipates After stabilizing for the better part of the past week, volumes turned up on Thursday, climbing over 1% on Thursday alone. The Outbound Tender Volume Index (OTVI), shippers’ requests for capacity, has started to stabilize and has broken the downward trend established over the past couple of weeks.
0 kommentar(er)
