Key Currency Exchange Rates for Friday, 5/12/23
American Dollar to Canadian Dollar = 0.741025; American Dollar to Chinese Yuan = 0.143897; American Dollar to Euro = 1.089271; American Dollar to Japanese Yen = 0.007414; American Dollar to Mexican Peso = 0.056763.
https://www.x-rates.com/table/?from=USD&amount=1.00
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ATA Truck Tonnage Index Rose 3.7% in November
American Trucking Associations’ advanced seasonally adjusted (SA) For-Hire Truck Tonnage Index increased 3.7% in November after falling 5% in October. In November, the index equaled 112.2 (2015=100) compared with 108.3 in October. “The 2020 seesaw pattern continued in November as typical seasonality is not holding this year,” said ATA Chief Economist Bob Costello. “It was a nice gain, but the rebound was not enough to make up for October’s drop. Robust retail freight, helped by consumer spending, especially e-commerce, and very lean inventories helped truck tonnage last month. Strong single-family housing starts are also aiding freight tonnage, but lackluster restaurant, manufacturing and energy sectors remain a drag. I expect these softer industries to benefit from widespread COVID-19 vaccinations in 2021.” October’s decrease was revised up to 5% from our November 24 press release.
Transportation prices set record for rate of decline in February (freightwaves.com)
Transportation prices fell in February at the fastest rate recorded in the six-and-a-half-year history of a monthly survey of supply chain executives. The Logistics Managers’ Index (LMI) registered a reading of 36.1 for transportation costs in February, 5.9 percentage points lower than in January and below the prior record, which was established in December. A level below 50 indicates contraction while one above signals expansion. The report said the rate declines were “a little more pronounced in the later portions of the month than in the beginning of the month.” “February is generally a low point seasonally due to the consumer spending hangover from the holidays in the U.S. combined with slowness in imports due to Chinese New Year, and that was certainly reflected this year,” the report stated.