The Weekly Freight Report for July 23, 2020
The Top 9 Stories in Freight
The volume surge continues… June’s Cass Index confirms it… trucking claims 1st place in North American freight… and USMCA had good timing. The hottest stories in freight can be found here, in the Weekly Freight Report:
1. Freight Volumes Continue to Surge
Freight volume just keeps going up… Current volume is up 25% year over year… and there’s little evidence to suggest there will be a fall off in the coming weeks… for shippers that means rejections will elevate and rates will continue to climb… get the full story here.
2. Heavy Vehicle Use Tax Still due August 31st
Despite many tax deadlines pushed this year… the heavy vehicle use tax deadline is still due on August 31st. Who needs to pay up? Any truck owner with a vehicle with a gross weight of 55,000 pounds or more. Get all the details.
3. June Data Shows Improvement
The June Cass Freight Index is out… data shows a volume improvement, but not as sharp a snap-back as expected. So why is the Cass Freight Index showing a 17% shipment decline year over year? Lagging datasets seems to be the culprit… read all about it here.
4. Trucking Leads in moving North American Freight
According to the American Trucking Trends 2020 report, trucking remains the leader for North American freight movement. Responsible for 67% of shipments between the U.S and Canada and 83% of cross-border trade with Mexico… trucking moves a total of $771 billion in goods every year. And that’s only some of the stats! Get the full report here.
5. USMCA-CUSMA-TMEC Expands Jobs and Development
Passed on July 1st, the timing of North America’s new trade agreement faced initial scrutiny. Today, however… cross-border shippers are saying the timing couldn’t have been better. Between modernizing border infrastructures to accelerate border crossings, the regionalization benefits, and driving a faster economic rebound… The agreement is a win for the continent as a whole. Check out the full benefits.
6. The U.S.-Canada Border Closure Sees Extension
The U.S.-Canada border will remain closed for non essential travel for the fifth month in a row. And while it’s bad news for avid travellers… It has its benefits for freight. As truck traffic gets back to normal, truckers and shippers can benefit from faster border crossing with the reduction of passenger traffic. Read up on the full story here.
7. RIP NAFTA… Long Live NAFTA 2.0
That’s right… after 26 years, NAFTA has been retired. And it’s been replaced by the new USMCA-CUSMA-TMEC agreement. The new rules went into effect on July 1st… and there’s a couple things cross-border shippers need to watch out for. The Shipper’s Guide to NAFTA 2.0 has everything cross-border shippers need to know about the new North American trade agreement. We’ve got you covered. Check it out.
8. Carriers Question if ELD Registry is Up-To-Date
The FMCSA ELD registry is at question by carriers. As ELD vendors get weeded out for not working properly, providers fold and new HOS rules come into play in September… Does the FMCSA have the capacity to keep the registry updated? With many carriers having to change their initial ELD providers… It’s important the list remains updated to avoid future complications. Read up on the controversy here.
9. Panel Discusses Incentives to Avoid Driver Shortage
The big driver shortage debate continues… is there a driver shortage or a pay shortage? Does lowering the age limits increase safety issues?… Regardless of the findings the ultimate consensus is fairly unanimous… Something needs to change to recruit and keep qualified drivers. Check it out.
Need help moving freight across North America? FLS can help. Our network of 54,000 carriers and 400,000 trucks is a great asset to any shipper… and our service levels are impeccable. Give us a try… Get a quote today!
