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N American freight shipments grow 2.9pc year on year in October: Cass Freight Index
CARGO volumes in North America rose 2.9 per cent year on year in October, according to the latest report on the Cass Freight Index, which records monthly levels of shipment activity and total expenditure on freight shipments.
Both the shipments and expenditures indices extended runs of positive year-over-year comparisons, Cass was cited as saying in its October 2017 report by American Shipper. It noted that shipment volumes turned positive 11 months prior, while expenditures turned positive at the start of 2017.
The index is based on the domestic freight shipments of hundreds of Cass clients representing a broad range of industries.
"Throughout the US economy, we are continuing to see a growing number of data points suggesting that the economy continues to get incrementally better," Cass said in its analysis. "The 2.9 per cent year-over-year increase in the October Cass Shipments Index is yet another data point which confirms that the first positive indication in last October was a change in trend."
"In fact, it now looks as if the October 2016 Cass Shipments Index, which broke a string of 20 months in negative territory, was one of the first indications that a recovery in freight had begun," the report added.
October 2016's 11.2 per cent increase was the second largest percentage increase recorded in the last five years, the statistics showed.
Both the shipments and expenditures indices extended runs of positive year-over-year comparisons, Cass was cited as saying in its October 2017 report by American Shipper. It noted that shipment volumes turned positive 11 months prior, while expenditures turned positive at the start of 2017.
The index is based on the domestic freight shipments of hundreds of Cass clients representing a broad range of industries.
"Throughout the US economy, we are continuing to see a growing number of data points suggesting that the economy continues to get incrementally better," Cass said in its analysis. "The 2.9 per cent year-over-year increase in the October Cass Shipments Index is yet another data point which confirms that the first positive indication in last October was a change in trend."
"In fact, it now looks as if the October 2016 Cass Shipments Index, which broke a string of 20 months in negative territory, was one of the first indications that a recovery in freight had begun," the report added.
October 2016's 11.2 per cent increase was the second largest percentage increase recorded in the last five years, the statistics showed.
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