New Gauge of Freight Shipping and Economy Debuts at ATA
Bob Costello, chief economist for the American Trucking Associations, explains about the new U.S. Bank Freight Payment Index. Photo: Evan Lockridge
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ORLANDO – U.S. Bank announced the launch of a new barometer for assessing the nation’s shipping industry on Sunday during the American Trucking Associations’ Management Conference and Exhibition in Florida.
The U.S. Bank Freight Payment Index measures quantitative changes in shipment and spend activity, based on data from transactions processed through U.S. Bank Freight Payment.
These transactions are made on behalf of clients across a range of industries, including automotive, manufacturing, food and retail.
U.S. Bank Freight Payment has been providing automated freight audit and payment services for 20 years and processes around $23 billion in global freight payments, according to the company.
Bob Costello, chief economist for the American Trucking Associations, explains about the new U.S. Bank Freight Payment Index. Photo: Evan Lockridge
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Published quarterly, the U.S. Bank Freight Payment Index includes regional and national breakdowns along with expert commentary from Bob Costello, chief economist for the American Trucking Associations.
Highlights and analysis of the U.S. Bank Freight Payment Index for the third quarter include:
An 8.3% jump in the U.S. Bank National Spend Index, the largest quarterly gain since the final quarter in 2014, reflects a tighter truck market, in part from increased vehicle demand in the aftermath of Hurricanes Harvey and Irma.The U.S. Bank National Shipment Index increased 3.3%, which was slower than the 5.8% surge in the second quarter, but still solid, considering the impacts from the hurricanes.One of the most important developments for the transportation sector has been the acceleration in factory output as the U.S. dollar retreated from high levels and businesses began reinvesting in capital equipment.
A unique feature of the index is that it breaks the data down into five U.S. regions; West, Southwest, Midwest, Southeast and Northeast; based on the state of origin for a shipment.
“Freight shipments are generally not uniform across the country,” said Costello. “That’s what …Read the rest of this story
