American Trucking Associations’ advanced seasonally adjusted (SA) For-Hire Truck Tonnage Index decreased 3.5% in November after falling 0.7% in October. In November, the index equaled 113.5 (2015=100) compared with 117.6 in October. “It’s tough to sugar coat November’s reading,” said ATA Chief Economist Bob Costello. “It was the third decrease in the last four months and the index is down 7.2% since July. Additionally, November was the first month to see a year-over-year drop in the index since April 2017. While disappointing, it fits with the expected soft gross domestic product reading expected in the fourth quarter and reports of a soft fall freight season.” It is important to note that ATA’s tonnage data is dominated by contract freight. October’s reading was revised down compared with our November press release.
American Dollar to Canadian Dollar = 0.761983; American Dollar to Chinese Yuan = 0.146148; American Dollar to Euro = 1.160974; American Dollar to Japanese Yen = 0.009022; American Dollar to Mexican Peso = 0.052180.
Oil prices fell on Thursday after weak Japanese data sounded alarm bells over the prospects for global growth, outweighing the bullish impact of a weaker dollar and a bigger-than-expected decline in U.S. crude oil stocks. Japan's exports slowed for a second straight month in August in a sign China's economic slowdown could be damaging the world's third-biggest economy. The data follows worrying figures from other Asian economies, including South Korea and Taiwan, increasing anxiety over the consequences of a sharp slowdown in China. North Sea Brent crude was down 50 cents at $49.25 a barrel by 1305 GMT, after hitting an early high of $50.14. U.S. light crude oil was down 20 cents at $46.95 a barrel.
WTI crude oil prices settled higher Thursday rebounding from sharp losses a day earlier as crude supplies reportedly fell at a domestic delivery hub at Cushing, Oklahoma. Inventories of U.S. crude rose by 3.803 million barrels for the week ended July 27, confounding expectations for a draw of 2.794 million barrels, according to data from the Energy Information Administration (EIA). The unexpected build in crude supplies came as imports rose by about 1.352 million barrels a day (bpd) and exports fell by 1.373 million bpd, the EIA said. Click Read More below for additional information.