For April, the most recent month for which data is available, the SCI came in at 41.3, well ahead of March’s 19.7 reading, which more than doubled February’s 7.93 reading and was ahead of January’s 3.73, which is the lowest SCI reading going back to October 2018.
Rail carloads—at 794,256—saw an annual decline of 22.4%, or 228,975 carloads, in June. Intermodal containers and trailers—at 1,004,933—fell 6.6%, or 70,944 units.
The U.S. government entered the $46 billion less-than-truckload (LTL) industry by effectively purchasing 30% of financially troubled LTL giant YRC Worldwide in exchange for a badly needed $700 million cash infusion.
In its monthly Manufacturing Report on Business, ISM reported that the report’s key metric, the PMI, came in at 52.6 (a reading of 50 or higher indicates growth), which marked a 9.5% improvement over May’s 43.1 and a 12.7% gain over April’s 39.9 reading.
Revenue—at $17.4 billion—was off 2.3% compared to $17.8 billion a year ago, and operating income—at $475 million—was well off from $1.32 billion a year ago. The company’s quarterly net income on an adjusted basis—at $663 million—trailed the $1.32 billion recorded a year ago. Adjusted earnings per share—at $2.53—trailed the $5.01 from a year ago while topping Wall Street expectations of $1.52.
With the second quarter quickly coming to a close, data issued by DAT, a subsidiary of Roper Technologies and operator of an online marketplace for spot market truckload freight, showed significant increases in truckload rates and ratios, for the week of June 22-28, as shippers take steps to get their freight moving in advance of the Fourth of July holiday and the mid-year point of 2020.