“The U.S. LEI picked up sharply in April, with all components except consumer expectations contributing to the rebound from an essentially flat first quarter,” said Ataman Ozyildirim, Director of Business Cycles and Growth Research at The Conference Board. “Despite a slow start in 2016, labor market and financial indicators, and housing permits all point to a moderate growth trend continuing in 2016.”
The unemployment rate declined by 0.3 percentage point to 4.7 percent in May, and nonfarm payroll employment changed little (+38,000), the U.S. Bureau of Labor Statistics reported today. Employment increased in health care. Mining continued to lose jobs, and employment in information decreased due to a strike.
On July 1, 2016, the new container weight verification rule will go into effect and will impact shippers from 171 countries due to the added requirements of necessary documentation. The International Maritime Organization (IMO) adopted this new requirement under the Safety of Life at Sea (SOLAS) Chapter VI, Part A, Regulation 2.
Economic activity in the manufacturing sector expanded in May for the third consecutive month, while the overall economy grew for the 84th consecutive month, say the nation’s supply executives in the latest Manufacturing ISM® Report On Business®.
North American freight shipments continued to rise in April, although at a much lower rate than earlier in the year. This slowdown mirrors the slowdown in the economy. Expenditures for freight were up marginally. The number of new jobs created fell in April as the unemployment rate hit a one-year high. Hiring for manufacturing, which declined in March, stalled, while construction jobs also fell off. These are signs that businesses are holding off on hiring
because of the perceived weakness in the economy. Manufacturing declined in April and remains weak.
73-hour, seven-day workweek limit set by Senate panel for truck drivers
Truck drivers’ hours of service limits may be tweaked under a fiscal 2017 transportation funding bill passed by an influential Senate appropriations committee this spring.
The Freight Transportation Services Index (TSI), which is based on the amount of freight carried by the for-hire transportation industry, fell 0.9 percent in March from February, falling for the second consecutive month, according to the U.S. Department of Transportation’s Bureau of Transportation Statistics’ (BTS). The March 2016 index level (120.0) was 26.7 percent above the April 2009 low during the most recent recession.
Slow to lackluster global trade themes were apparent in the most recent edition of the Port Tracker report released today by the National Retail Federation (NRF) and maritime consultancy Hackett Associates.