The economy continued to expand moderately from late May to early July in most of the country with broad-based demand for trucking and rail services rising, the Federal Reserve said.
Transportation activity rose at a moderate pace since the previous survey period, and the Richmond District reported strong growth in port container traffic, with increases in imports and exports, the Fed said in its Beige Book report released July 16.
An executive at a national freight trucking firm in the Richmond District reported a spike in demand for shipping as home improvement stores stocked up for Fourth of July sales.
The Philadelphia District reported demand continued to rise at a moderate rate for truck shipping loads. The district reported capacity utilization levels for trucking are approaching a tipping point that could spark sharp price increases and greater efforts to expand capacity.