The Cass Freight Index, a “Measure of North American Freight Volumes” is up for the month of March but down once again on a year-over-year basis.
March shipping is 1.5 percent below the same month a year ago.
Both shipping and expenditures are lower than March 2015, 2014, and 2013.
A few charts show the slowing rate of freight shipping and the reasons behind it.
Cass Shipping Index
Cass Expenditures Index
The above indexes clearly are not seasonally adjusted so the the only valid comparison for March of 2016 is to March in prior years.
Shipping Look Ahead
The intermediate-term outlook for shipping is weak given mounting inventories.
Merchant Wholesalers: Inventories to Sales Ratio
Total Business Sales Detail
For more on charts and analysis of factors that influence shipping please see …
- Inventories and Sales: How Bad Are They? Study in Pictures
- Inventories -0.1%, Last Month Revised Lower; Inventories-to-Sales Ratio Very Steep 1.41
- Retail Sales -0.3%; Autos Down 4th Month, Plunge -2.1%; Hooray Gasoline Up 0.9%
Mike “Mish” Shedlock