In The News

Federal Reserve: Transportation Activity on the Rise

Transportation and manufacturing activity has improved over the last few months, according to the Federal Reserve. In its latest Beige Book report released Wednesday, the Federal Reserve said trucking and rail activity increased in April and May, with freight traffic and raw material shipments rising in Cleveland, Atlanta and Dallas.

In the New York district, an executive in the trucking industry said business has improved since the last Beige Book report and that lower diesel prices are providing some relief to truckers. Scattered reports of driver turnover also came out of the region, as drivers are starting to leave the industry for more lucrative jobs.

Freight has seen some positive volume trends in the Cleveland district, according to executives there. While increased volume exceeded expectations, profits are still below historical norms. Freight transport executives are also still concerned about the sustainability of the recovery and credit availability.

Trucking industry executives in the Richmond, Va., area said they had seen some stronger revenues, due in part to being able to raise prices.

In Atlanta, the trucking industry noted a boost in business, but they were unsure about whether the improvements reflected reduced capacity in the transportation industry or an overall increase in demand.

In the San Francisco district, contacts said they have seen prices increases for transportation services.

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