Source: American Trucking Associations
American Trucking Associations’ advanced seasonally adjusted (SA) For-Hire Truck Tonnage Index slipped 2.5% in April, following a 1.1% decline during March. (March’s percentage decrease was slightly more than reported in our press release on April 18, 2017.) In April, the index equaled 134 (2000=100), down from 137.4 in March. The all-time high was 142.7 in February 2016.
“The recent trend in the U.S. LEI, led by the positive outlook of consumers and financial markets, continues to point to a growing economy, perhaps even a cyclical pickup,” said Ataman Ozyildirim, Director of Business Cycles and Growth Research at The Conference Board. “First quarter’s weak GDP growth is likely a temporary hiccup as the economy returns to its long-term trend of about 2 percent. While the majority of leading indicators have been contributing positively in recent months, housing permits followed by average workweek in manufacturing have been the sources of weakness among the U.S. LEI components.” – The Conference Board
Source: U.S. Census Bureau
Sales The combined value of distributive trade sales and manufacturers’ shipments for March, adjusted for seasonal and trading-day differences but not for price changes, was estimated at $1,361.0 billion, virtually unchanged (±0.1 percent)* from February 2017, but was up 6.5 percent (±0.4 percent) from March 2016.
Source: National Retail Federation
Imports at the nation’s major retail container ports should see steady increases through the summer and into the fall, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates.
Source: Bureau of Labor Statistics
Total nonfarm payroll employment increased by 211,000 in April, and the unemployment rate was little changed at 4.4 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in leisure and hospitality, health care and social assistance, financial activities, and mining.
We may soon learn whether the President has the legal authority to impose tariffs on imports without Congressional approval or whether the administration will bypass WTO rules and impose new barriers to imports. The first test may come as the result of an April 20th Presidential Memorandum directing Commerce to initiate an investigation under Section 232(b) of Trade Expansion Act of 1962 to determine the impact of steel imports on national security.
Source: Institute for Supply Management
Economic activity in the manufacturing sector expanded in April, and the overall economy grew for the 95th consecutive month, say the nation’s supply executives in the latest Manufacturing ISM® Report On Business®.
The President was prepared to end the North American Free Trade Agreement deal, which had governed trade relations for the past 23 years, with a dramatic announcement April 29th at a Pennsylvania political rally marking his 100th day in office. But after speaking with the leaders from Canada and Mexico, the President announced he will not cancel the North American Free Trade Agreement and will instead work to renegotiate it with Mexico and Canada, reserving the right to cancel if the US does not obtain a favorable deal.
“The March increase and upward trend in the U.S. LEI point to continued economic growth in 2017, with perhaps an acceleration later in the year if consumer spending and investment pick up,” said Ataman Ozyildirim, Director of Business Cycles and Growth Research at The Conference Board. “The gains among the leading indicators were very widespread, with new orders in manufacturing and the interest rate spread more than offsetting declines in the labor market components in March.” – The Conference Board
Reports of severe port congestion at Shanghai’s Yangshan deepwater port have been coming in with more frequency over the last few days. Operations at MIQ Logistics in Shanghai have reported sailing schedule delays for a variety of reasons:
