Trucking remains weak, Fed says
In the latest Federal Reserve Beige Book report of national economic activity, transportation services activity generally declined, although Cleveland and Chicago reported some improvement.
The Chicago district reported trucking shipments increased, although activity remained low, according to the Fed. Cleveland’s contacts noted a slight rise in freight transport volume in recent weeks. The Cleveland office also noted that trucking companies planned substantial equipment purchases through the first quarter of 2010, the Fed said.
Atlanta reported weak transportation demand overall, while firms in the San Francisco district indicated trucking activity had declined, according to the Fed. Import demand in the Dallas district dropped, leading to reduced cargo volumes at intermodal firms, the Fed said. Activity in the Kansas City transportation sector was flat, according to the Beige Book report.
Based on information collected prior to Oct. 13, reports from the 12 Federal Reserve districts showed either stabilization or modest gains in many sectors often from depressed levels since the last report. The Fed releases eight Beige Book reports annually.