Key Currency Exchange Rates for Friday, 1/15/21

American Trucking Associations’ advanced seasonally adjusted (SA) For-Hire Truck Tonnage Index rose 2.1% in June after increasing 1.2% in May. In June, the index equaled 116.5 (2015=100) compared with 114.1 in May. “While the tonnage index increased in both May and June, it remains in recession territory,” said ATA Chief Economist Bob Costello. “The index continues to fall from a year earlier and is off 1.9% from its recent peak in September 2022. A multitude of factors have caused a recession in freight, including stagnant consumer spending on goods, lower home construction, falling factory output, and shippers consolidating freight into fewer shipments compared with the frenzy during the goods buying spree at the height of the pandemic. However, the magnitude of the year-over-year declines is improving, perhaps pointing to a bottom in the freight market.” Compared with June 2022, the SA index decreased 0.8%, which was the fourth straight year-over-year decrease. In May, the index was down 2.4% from a year earlier.

American Dollar to Canadian Dollar = 0.779492; American Dollar to Chinese Yuan = 0.150886; American Dollar to Euro = 1.164568; American Dollar to Japanese Yen = 0.008766; American Dollar to Mexican Peso = 0.052415.

UPS confirmed contract talks with the International Brotherhood of Teamsters have begun on new collective bargaining agreements. The current five-year contract continues through July 31, 2018. “UPS and the union have many shared objectives and our intent is to negotiate in an environment of mutual respect,” said Al Gudim, UPS Labor Relations President. “We believe all parties recognize that taking care of our customers with reliable service is the key to maintaining a company that rewards our employees and provides excellent job security. We are in a rapidly changing industry and look forward to working together with union negotiators to strongly position UPS for the future.” Click Read More below for more of the story.