Economy Continues Expansion; Trucking Revenue Rises, Fed Says
The national economy continued to expand from early October to late November as some of the 12 districts reported higher trucking revenue, the Federal Reserve said.
The Richmond District said trucking contacts reported faster revenue growth and that rail delays have resulted in some additional cargo being transported by trucks, the Fed said in its Beige Book report released Dec. 3.
In Atlanta, trucking contacts told the regional fed that shipments of construction materials, such as drywall and bulk cement, increased.
In the Dallas District, trucking firms reported strong demand but said cargo volumes were even with last year’s levels. Freight shipments were strong in the Cleveland District, but capacity constraints are limiting growth, the Fed said.
Driver shortages were reported in the Kansas City District, and the Minneapolis District said agricultural producers in eastern North Dakota reported difficulty finding enough truck drivers to move commodities.
Upward wage pressures were reported for truck drivers in the Dallas and Atlanta districts, according to Fed. Cleveland said payrolls were increasing in freight transportation, manufacturing and construction.
The Fed releases its Beige Book report eight times a year. The report, which covered Oct. 7-Nov. 24, was prepared by the Federal Reserve Bank of Chicago.
