February 23, 2024
At Spot, we understand the vital role that up-to-date information plays in navigating the dynamic logistics market. Each month, we bring you a comprehensive logistics market update. We delve into the latest trends, challenges, and innovations shaping the logistics sector. Join us as we empower you with the knowledge needed to make informed decisions in this fast-paced industry.
Demand Levels & Outlook
- Nearshoring gaining traction due to supply chain vulnerabilities and Red Sea security concerns.
- Inflation concerns impacting Federal Reserve’s interest rate decisions.
Consumer Spending, Job Market, and Economic Outlook
- Bank of America reports a YoY decline in household card spending.
- Stable labor market reflected in flat initial jobless claims.
- Consumers maintaining elevated savings buffers contribute to economic stability.
Cross-Border Dynamics and Mexico’s Influence
- Mexico emerges as top U.S. trading partner in 2023.
- U.S. Trucking market insights indicate stability with slight YoY volume increases.
Regulatory Changes
- Introduction of Complemento Carta Porte regulation causes initial disruptions.
Supply, Capacity, & Carrier Operating Costs
- Excess capacity reported across segments with concerns initially from the impact of Yellow’s bankruptcy.
- National diesel prices drop for four consecutive months.
- Capacity challenges due to weather events and geopolitical situations affecting transit times.
Authority Drop Signals Capacity Crunch
- 12% increase in net active truckload operating authorities since November signals potential market tightening.