The Federal Reserve gave a generally positive assessment of the U.S. economy, with mixed reports on the health of the trucking industry.
Trucking demand has firmed in recent weeks in the Richmond and Dallas regions, the Fed said in its report commonly known as the “beige book,” which it issues eight times a year. The latest survey was based on information collected from June 4 through July 16.
Cleveland trucking reports ranged from strong growth to softening, while Atlanta and Chicago pointed to declines, the Fed said.
Small-parcel shipping volumes were strong in Dallas, with contacts there expecting a pickup. Rail freight volumes declined in Cleveland and Dallas, the Fed said.
Trucking firms generally passed along higher fuel costs through surcharges, but were unable to implement any other price increases, the report said.
Manufacturers in a number of industries, including machinery and heavy trucks, reported strong demand from abroad. U.S. heavy-duty truck orders remained weak, and although contacts believed sales would bottom out in the second quarter, they were not expecting much of a recovery until 2008 or 2009, the Fed said.
