The latest news from manufacturers, reporting a strong May, backs up reports that freight is growing.
Manufacturing expanded in May for the 10th consecutive month, and the overall economy grew for the 13th consecutive month, according to the supply executives polled for the Institute for Supply Management’s Report On Business.
“Employment continues to grow as manufacturers have added to payrolls for six consecutive months,” says Norbert J. Ore of ISM. “The recovery continues to broaden as 16 of 18 industries report growth. There are a number of reports, particularly in the tech sector, of shortages of components; this is the result of excessive inventory de-stocking during the downturn.”
Of those 16, here are the top 10, in order of growth: Paper Products; Wood Products; Transportation Equipment; Electrical Equipment, Appliances & Components; Fabricated Metal Products; Computer & Electronic Products; Furniture & Related Products; Miscellaneous Manufacturing; Plastics & Rubber Products; and Primary Metals.
We continue to hear that good fleets are looking hard for good drivers to keep up with strong freight. Overdrive’s June 24 webinar, “The emerging driver shortage,” will take a closer look at what’s going on in the market.