Key Currency Exchange Rates for Friday, 12/02/22

Disruptions caused by attacks on cargo ships in the Red Sea have once again created volatility in retail supply chains, leading to delays and increased costs. That's according to the Global Port Tracker report by the National Retail Federation and Hackett Associates. Jonathan Gold, NRF VP for supply chain and customs policy, noted that retailers are working with their carrier partners on mitigation strategies to limit the impact of the disruptions caused by the attacks, "but we are seeing longer transit times and increased costs as a result.” To help retailers navigate supply chain challenges, NRF 2024: Retail’s Big Show will feature a special one-day program — Supply Chain 360 Summit — on Sunday, Jan. 14, 10:00 a.m. - 3:45 p.m. (ET), at the Javits Convention Center, New York City.

National Average Price for Regular Unleaded Current: $2.200; Month Ago: $2.105; Year Ago: $2.793. National Average Price for Diesel Current: $2.438; Month Ago: $2.423; Year Ago: $3.010.

“The frustratingly choppy freight environment continued in November,” said ATA Chief Economist Bob Costello. “Since hitting a low in January of this year, tonnage is up a total of 1.1%, but the path has been fraught with nice gains one month only to come back down the next. The good news is that the overall trend this year is up, albeit at a slow rate.” In November, the ATA advanced seasonally adjusted For-Hire Truck Tonnage Index equaled 112.5 compared with 114.6 in October. The index, which is based on 2015 as 100, was down 1% from the same month last year. The not seasonally adjusted index, which calculates raw changes in tonnage hauled, equaled 109.6 in November, 9.6% below October. The seasonally adjusted decrease follows a sequential 1.2% gain in October, which was unchanged from the November 19 press release.