Transportation Market Updates and Insights for Shippers
April 28, 2020
North American transportation markets continue to show reduced volumes and declining rates as a result of reduced domestic consumer demand and slowed global economic activity. For example, this week we have seen softness in the U.S. produce market due to farmers disposing of crops rather than taking them to market, and a slowdown in the meatpacking industry, particularity in South Dakota.
However, some U.S. states, notably Georgia, Oklahoma, and Alaska, have announced a limited reopening of businesses, including barbershops, nail salons, gyms, bowling alleys, and dine-in service at restaurants, which have been shuttered in the wake of COVID-19.
The national average price per gallon of diesel gasoline declined for the 15th consecutive week, according to the Department of Energy’s Energy Information Administration (EIA). With a 2.7-cent decline, this week’s national diesel average came in at $2.48. This is a lower sequential decline compared to the four previous weeks, which saw declines of 4.1 cents, 3.8 cents, 7.3 cents, and 8.1 cents, respectively.
President Trump signed a new COVID-19 relief package totaling $484 billion. The measure replenishes the Paycheck Protection Program (PPP) to the tune of $320B and includes $75 billion for hospitals and $25 billion for testing. For a summary, please click here. To date, Congress has approved $2.7T in response to the pandemic. Work is also underway on Phase IV of the relief efforts, which is expected to be brought up for consideration in mid-May.
Here is the latest information from our team, our customer and carrier networks, and industry sources:
North America Market Update
For updates and more information, please contact your GlobalTranz representative or contact us at 866-275-1407 or via email at email@example.com.