3-Minute Update: Key Transportation News
October 9, 2024
E2open Connect 2024 Conference
Every year, the Connect 2024 Conference by e2open brings together some of the brightest minds in the industry to explore and learn about the latest trends and strategies supporting the supply chain industry. This year, the always exciting conference took place Sept. 30th – Oct. 3rd in Orlando, Florida. The overall theme was taking steps towards a brighter future in transportation, growing through periods of uncertainty, and building relationships with peers in the industry.
“We talked with shippers in attendance a lot about how we are combating theft and fraud with our “Simple Verified” carrier-vetting process. The nightmare and implications of a stolen load of freight can shake up the supply chain for both shippers large and small. There are more and more reports of theft and fraud in our industry right now,” explained Jim Caine, COO. “E2open does a great job of setting up their event so we get a lot of networking. We met so many good people and came back with some fresh ideas. And the Puppy Station was a nice touch!”
Simple Logistics was proud to be a Choice Sponsor this year, and we are grateful for all that e2open is doing for the industry.
Industry Snapshot:
Fuel Prices: The gasoline index decreased -10.3% over the past 12 months.[i] The U.S. regular gasoline retail prices averaged $3.136 per gallon on 10/07/24 which is $-0.548 down from the average a year ago. And the retail diesel prices were $3.584 per gallon on average, $-0.914 down from one year ago.[ii]
Regular Gasoline Prices and On-Highway Diesel Fuel Prices Charts provided by eia.gov
Tonnage: The for-hire truck tonnage index increased 1.8% in August after rising 0.4% in July. “August tonnage levels rose to the highest level since February 2023,” said ATA Chief Economist Bob Costello. “Not only does the latest robust gain show freight levels are coming off the bottom, but so does the sequential pattern over the last eight months. Starting earlier this year, every time tonnage falls, it is higher than the previous low. For me, this month-to-month pattern is more important than looking at the year-over-year percent changes since we are at an inflection point in the freight market.”[iii]
Truck Tonnage Chart for August 2024 provided by ATA.
Economy: The Consumer Price Index (CPI) increased 2.5% over the last 12 months according to the U.S. Bureau of Labor Statistics. The CPI rose 0.2% in August 2024 after rising the same in July. The index for shelter rose 0.5% in August and was the main factor in the all-items increase. The food index increased 0.1% in August, after rising 0.2% in July. The index for food away from home rose 0.3% in August, while the index for food at home didn’t change. The energy index fell 0.8% in August, after not changing in July.[iv]
Port Strike Ends but not without Impact
About 45,000 dockworkers walked off their jobs last week shutting down all major shipping ports along the Eastern and Gulf Coasts. Thankfully only 2 days later, On October 3rd, a tentative agreement was reached and ports were reopened.
“We are glad to see the strike has ended, but it should have never happened in the first place,” said ATA President & CEO Chris Spear. “This is a deal that could have been cut months ago had both parties stayed at the table. That was the job of this Administration, which it refused to do. This failure was not without cost, impacting real Americans, including millions reeling from a natural disaster.”[v]
Work with a team who will streamline and simplify your logistics, we do the complicated stuff for you. Experience the benefits of shipping with Simple! Call us today at 630-385-7400.
[i] https://www.bls.gov/news.release/cpi.nr0.htm
[ii] https://www.eia.gov/petroleum/gasdiesel/
[iii] https://www.trucking.org/news-insights/ata-truck-tonnage-index-increased-18-august
[iv] https://www.bls.gov/news.release/cpi.nr0.htm
[v] https://www.trucking.org/news-insights/atas-statement-end-port-strike
