Freight Market Trends | Convoy

With 2020 squarely in the rear view mirror, the freight industry is now firmly on the down slope of the long-feared parcelpocalypse (my term) or packagemaggedon (other peoples’, better, term). The tail end of returns will continue to work their way through the system, and the combination of new mobility limitations plus late December’s fiscal […]

Breaking the trend of recent months, November retail data disappointed while factory output data (released yesterday) generally beat forecasts. The combined data provide a portrait of the freight economy on the eve of the most recent wave of community lockdowns and just before the official start of the holiday shopping season Here are a couple […]

Trucking firms continued to add jobs in November according to data released this morning by the Bureau of Labor Statistics: Trucking industry employment increased by 0.9% (12,700 jobs, seasonally adjusted) in November, an accelerating pace from the 0.5% (7,400) pace reported from September to October. Compared to a year ago, truck transportation employment is still […]

Retail spending took a brief breather in October, slipping slightly on its relentless upward march that began in June. The annual pace of growth in retail sales edged lower to 8.5% compared to 8.8% in September, the first year-over-year deceleration since states began to reopen after the first wave of Covid-19 induced lockdowns. But as […]

Trucking industry employment increased by 0.7% (9,600 jobs, seasonally adjusted) in October according to payroll data released today by the Bureau of Labor Statistics (BLS) — nearly matching August for the best month for job gains since the start of the pandemic and close to the monthly job gains at the last freight market peak […]

Consumer spending hit new highs in September while the industrial sector stabilized, but ultimately failed to recover its pre-crisis momentum. Data published this morning by the Census Bureau and the Federal Reserve Board beg the question: How durable is the economic recovery if America’s consumers are in overdrive, but its factories are stalling in second […]

The labor market recovery continued (though at a slowing pace) in September and headlines toward the end of the month suggest that the official payroll and survey data published by the Bureau of Labor Statistics and Census Bureau may not yet capture accelerating layoffs in the travel, hospitality and recreation sectors — which are bracing […]

As the U.S. economy came to a sudden stop in March, lawmakers enacted the Paycheck Protection Program (PPP), providing emergency loans to help businesses survive the mandatory closures and stay-at-home orders issued in response to the COVID-19 pandemic. Despite some hiccups, the program was a success by many accounts. It helped businesses across the country […]

Government data released this week provided the latest official read on the state of U.S. factories and consumers — two critical pillars of freight demand. Outside seemingly omnipresent natural disaster zones, freight demand has been distinctly cooler in early September, though relative to historic norms it remains strong. As consumption and production patterns settle into a […]

The Bureau of Labor Statistics’ (BLS) monthly Employment Situation Report is widely recognized as the most authoritative portrait of real-time economic activity. But for the freight industry, the report provides an incomplete snapshot of the state of trucker employment.  This morning’s data showed a 0.7% (10,000, seasonally adjusted) increase in truck transportation jobs in August […]

If anything, 2020 has reminded us that the world moves quickly.  The U.S. Census Bureau published June Retail Sales data, which combined with Industrial Production data published yesterday by the Federal Reserve Board, provide the official pulse on two critical pillars of the economy — the industrial sector and consumer activity. Video: July Freight Market […]

Trucking industry jobs have proven more resilient than other sectors of the economy as the COVID-19 pandemic has reshaped the American economy — a trend confirmed by new employment data published by the Bureau of Labor Statistics (BLS) this morning — but beneath the headline numbers, the past few months have accelerated a generational demographic […]

The BLS’ monthly Employment Situation report includes a measure of employment in Truck Transportation businesses. However, because of the definition that BLS uses, that number excludes about half of the individuals who work as truck drivers.  The difference between the Truck Transportation employment number reported by BLS and a more obvious accounting is driven by […]

Truck driver employment edged ever so slightly higher by 0.8% (30,000 drivers) in May driven entirely by gains in private fleet employment, according to Convoy estimates based on data released in this morning’s Employment Situation Report from the Bureau of Labor Statistics (BLS). Convoy estimates that private fleet employment increased by 2%, while employment among […]

For many U.S. households and businesses, April forced us to think hard about what’s truly “essential”. Factory output and retail sales data reported this morning by the Federal Reserve Board and Census Bureau provide a quantitative window onto those priorities.  It comes as no surprise that April was a brutal month for the U.S. economy […]

The United States federal government has taken unprecedented steps to support the American economy in the face of the disruption caused by the COVID-19 pandemic. Support to individuals and households will go a long way to sustaining consumer spending, which in turn will maintain freight demand. But policymakers have gone well beyond direct support to […]

With 75% of US residents self-isolating due to COVID-19, businesses across a range of industries are being forced to adapt their supply chains. Delivery companies are increasing capacity to meet unprecedented demand. Traditional businesses are shifting to delivery models to service their at-home customers. Consumers are changing how they receive and handle packages to reduce […]