Trucking gets another shot in the arm from quarantined consumers
Consumers spent 22% more on goods in January, tightening capacity back to peak levels in March
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Chart of the Week: Outbound Tender Volume Index – USA, Personal Consumption Expenditures – Durable Goods SONAR: OTVI.USA, PCE.DG
Just as the consumer goods boom appeared to be in decline, spending got another boost on the heels of more stimulus and spiking COVID-19 cases, posting an unexpected 12% sequential gain in January over December after the holiday spending had passed. FreightWaves Outbound Tender Volume Index (OTVI), which measures truckload electronic tender volumes in the U.S., posted a similar gain in March over February, sharply reversing a declining trend. This relationship has evolved to the point where it appears there could be as much as a two-month lead time on freight volumes.