The U.S. economy improved at a modest to moderate pace in the six weeks ended in mid-November, and freight volume shows signs of strengthening, the Federal Reserve said.
Transportation and freight services, especially those related to railroads, ports and trucking, strengthened across districts, the Fed said in its latest “beige book” report on U.S. economic conditions released Dec. 4.
The Richmond, Va., district noted an executive at a national trucking firm reported that business was consistent with no changes in pricing or capital expenditures.
Manufacturing activity expanded modestly in most of the Fed’s 12 districts, with gains noted in the motor-vehicle and high-technology industries, the Fed said.
Atlanta reported record levels of container shipments, bulk cargos, and truck and intermodal freight. Trucking tonnage continued to increase year-over-year from heavier freight loads. The district also cited significant investment in the production of liquefied natural gas for use in the transportation sector.