An index of leading economic indicators increased 0.4% in July, the New York-based Conference Board said Friday.
The gain followed a revised 0.4% decline in June. Economists had forecast a 0.3% rise, Bloomberg reported.
The LEI is closely watched by trucking companies because it forecasts business activity for the next three to six months.
An index of leading economic indicators rose in November, the New York-based Conference Board said Thursday.
The LEI index climbed 0.5%, following a 0.9% jump in October that was the biggest in eight months.
Economists had forecast a 0.3% gain, Bloomberg reported.
The LEI is closely watched by trucking companies because it forecasts business activity for the next three to six months.
COLUMBUS, Ind. -- ACT Research has reported commercial vehicle order activity strengthened in September, during what is traditionally the weakest new order period of the year.
North American Class 8 net orders rose to 23,600 units, a gain of 55% year-over-year and 12% month-over-month, ACT reported in its latest State of the Industry report.
Classes 5-7 orders were up 8% month-over-month.
"Given the steady drumbeat of bad economic news in July and August, and the retrenchment of consumer confidence, we would have understood if commercial vehicle order activity waned through the balance of Q3, but it didn't," said Kenny Vieth, president and senior analyst at ACT. "Class 8 build so far this year stands at more than 180,000 units. Years of deferred purchases are buoying up demand."
An index of leading economic indicators continued to rise in September, the New York-based Conference Board said Thursday.
The index climbed 0.2% after a 0.3% gain last month.
The gain, which was the smallest since a decrease in April, matched economists’ forecasts, Bloomberg reported.
The LEI is closely watched by trucking companies because it forecasts business activity for the next three to six months.
The economic outlook for trucking is “muddled at best, with the industry facing softening demand and rising costs,” American Trucking Associations’ Chief Economist Bob Costello said at the group’s annual conference in Texas this week.
“Freight demand is moving sideways, rather than falling off a cliff like it did in 2008,” Costello said at an economic panel at ATA’s Management Conference & Exhibition in Grapevine, Texas. “That indicates to me that we might just skirt by another recession.”
In general, Costello said large fleets were seeing stronger volumes than smaller ones, likely because of their relationships to larger shippers, but added that capacity should continue to remain tight.
“No one is doing great, but it feels like larger companies and shippers are outperforming small businesses right now,” he said.
In addition, Costello called cost pressures on fleets “significant,” with the inflation rate for items like fuel, equipment and driver wages exceeding the inflation rate for the broader economy.
