Economy Watch

With the global middle class set to grow by nearly 3 billion people by 2030, congestion threatens to choke trade and economic growth, economist Walter Kemmsies warns.

The U.S. average spot rate for a dry van truck on DAT load boards dropped below $2 per mile last week for the fist time since May, as a slower post-holiday freight season began.

A dramatic drop in U.S. oil and fuel prices is proving a temporary salve for shippers pinched by rising transportation costs. The relief is only be temporary, analysts warn.

truck in Utah
More “solid” and steady U.S. economic growth will increase freight demand and boost shipping costs and domestic transportation rates in 2015, economists and analysts said at the SMC3 JumpStart 2015 conference in Atlanta.

The U.S. economic engine is powering cross-border sales and truck freight traffic with Canada, sending spot-market cross-border loads to record highs, TransCore Link Logistics says.

India’s trade deficit with the rest of the world narrowed to a 10-month low in December, as imports declined more than exports, according to the latest trade data released by the Ministry of Commerce and Industry.

U.S. freight shipments and shipper transport spending both dropped from the previous month in December, but remained close to a post-recession high, according to the Cass Freight Index.

For years, the U.S. Chamber of Commerce has been urging Congress and the White House to raise the federal fuels tax to help maintain and expand aging highways and bridges. For years, Congress and the White House have said no. It’s time to try and try again, the head of the largest U.S. business lobbying group said Jan. 14.

U.S. Chamber of Commerce President and CEO Thomas J. Donohue urges action on trade, technology, energy and infrastructure to create jobs, economic growth.
The American business climate is “improving” and will continue to improve in 2015 as the U.S. economy grows at a faster pace, but it’s not time for a “victory lap,” U.S. Chamber of Commerce President and CEO Thomas J. Donohue said.