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JOC Guide to Trucking, August 2018

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10 The Journal of Commerce | August 2018 www.joc.com Cover Story 2018 JOC Guide to Trucking signs the global economy is slowing, even as the US economy accelerates. In July, the IHS Markit manufac- turing PMI indices for the developed world dropped to their lowest levels since the summer of 2017. That led IHS Markit, parent company of The Journal of Commerce, to downgrade its 2019 global growth forecast by 0.1 percentage points to 3.1 percent. The business intelligence firm cut its projection for US real gross domestic product expansion by the same amount, to 2.7 percent in 2019, down from a peak of 3 percent this year. IHS Markit expects US eco- nomic growth to slow even further in 2020, falling to 1.7 percent. The near-term outlook in the US, however, has improved. "Since last month, we have added 0.7 percent- age point to our forecast of sec- ond-quarter GDP growth, raising it to 4.8 percent," IHS Markit said in a July 13 statement. That would be the best quarterly GDP result since 2014. The largest single contributor to that surge in growth was robust international trade in goods in May, IHS Markit said. Some of that strength was attributed to a short- term surge in soybean exports, but the company's economists said overall US growth was robust in the second quarter. In June, US retail sales were 6.6 percent higher year over year, and 0.5 percent higher than in May, the US Census Bureau said July 16. Total US retail sales for the April-through-June quarter were up 5.9 percent year over year, the Census Bureau said. Import volumes at many gate- ways hit records in the first half of 2018, with increases on land and sea. though year-over-year import growth has slowed to 3.2 percent because of tough comparisons with early 2017, according to data from PIERS, a sister product of The Journal of Commerce within IHS Markit. Shipments on the move — early Intermodal marketing compa- nies (IMCs) and truckers warn ship- pers this peak season will be tight. Shippers appear to be moving some goods to inland distribution centers ahead of schedule. Uncertainty is seeping past the RoadOne is creating the future of intermodal trucking in order to bring our customers unprecedented tracking and visibility across all 65+ locations nationwide. Rapid development of technology is changing the trucking market, putting business management and pricing tools in the hands of large and small carriers alike.

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