September 2023 Logistics Market Snapshot

October 2, 2023

The 2024 Georgia Logistics Summit is not too far off with a new date set for May 16, 2024.  We'll update you as soon as more information is available.  In the meantime, here are a few key things the Georgia Center of Innovation - Logistics team is keeping an eye on:

Consumer Price Index – This index rose 0.6% in August 2023 on a seasonally adjusted basis, after increasing 0.2% in July. Indexes that increased in August include rent, owners’ equivalent rent, motor vehicle insurance, medical care, and personal care. The indexes for lodging away from home, used cars and trucks, and recreation were among those that decreased over the month. 

Purchasing Manager's Index (Services) – The August Manufacturing PMI registered 47.6%, 1.2 percentage points higher than the 46.4% recorded in July. Regarding the overall economy, this figure indicates the ninth month of contraction after a 30-month period of expansion. Per the Institute for Supply Management, “The U.S. manufacturing sector shrank again, but the uptick in the PMI indicates a slower rate of contraction.”  

Truck Tonnage Index – American Trucking Associations’ (ATA) For-Hire Truck Tonnage Index increased 0.2% in August 2023 after rising 1.1% in July. Says the ATA, “The evidence is growing that tonnage hit bottom in April and continues its slow climb upwards…Most recently, freight continues to be mixed, with consumer spending and factory output flat to down.” 

You can review the full September 2023 report here.