American Dollar to Canadian Dollar = 0.736377; American Dollar to Chinese Yuan = 0.137214; American Dollar to Euro = 1.080292; American Dollar to Japanese Yen = 0.006849; American Dollar to Mexican Peso = 0.059614.

American Trucking Associations’ advanced seasonally adjusted (SA) For-Hire Truck Tonnage Index contracted 1% in May after falling 10.3% in April. In May, the index equaled 106.1 (2015=100) compared with 107.2 in April. “While tonnage fell in May, even though other economic indicators like retail sales and housing starts rose, I’m not overly concerned,” said ATA Chief Economist Bob Costello. “First, while down over 10 percent sequentially in April, truck tonnage did not fall as much as other economic indicators that month. This means that any rebound is tougher since tonnage didn’t fall substantially to begin with. Second, there are indications that freight continues to improve as more and more states and localities lift lockdown restrictions.” April’s drop was revised up to -10.3% from the 12.2% decline reported in our May 19 press release.

As contract talks drag on, tensions are rising at West Coast ports. Following a shutdown at the Ports of Oakland and Long Beach, which combine to form the country’s largest cargo complex, over the weekend, the National Retail Federation called on the Biden Administration to intervene. (At least one terminal at the Port of Long Beach shut Monday, according to reports.) The new disruptions come as the International Longshore and Warehouse Union (ILWU) and the Pacific Maritime Association have failed to reach and ratify a new labor agreement following more than a year of negotiations.