Key Currency Exchange Rates for Friday, 3/17/23

American Dollar to Canadian Dollar = 0.811877; American Dollar to Chinese Yuan = 0.158154; American Dollar to Euro = 1.244199; American Dollar to Japanese Yen = 0.009153; American Dollar to…

American Trucking Associations’ advanced seasonally adjusted (SA) For-Hire Truck Tonnage Index rose 2.4% in May after decreasing 1.7% in April. In May, the index equaled 115.4 (2015=100) compared with 112.7 in April. “Tonnage had a nice gain in May, but remains in recession territory,” said ATA Chief Economist Bob Costello. “The 2.4 percent gain didn’t erase the 4.5 percent total drop the previous two months. Additionally, tonnage continues to contract from year earlier levels as retail sales remain soft, manufacturing production continues to fall from a year ago, and housing starts contract from 2022 levels.” Compared with May 2022, the SA index decreased 1.3%, which was the third straight year-over-year decrease. In April, the index was down 3.4% from a year earlier.

The American Trucking Associations and the International Foodservice Distributors Association applauded the introduction of the DRIVE Safe Integrity Act, introduced by Representatives Rick Crawford (R-Arkansas) and Henry Cuellar (D-Texas), to help alleviate the truck driver workforce shortage. The bill builds upon strong, bipartisan support for the DRIVE Safe Act over the last few Congresses and the inclusion of the Safe Driver Apprenticeship Pilot Program in the bipartisan infrastructure law. “Building a 21st century supply chain requires a strong, vibrant and growing trucking workforce,” said ATA President and CEO Chris Spear. “The DRIVE Safe Integrity Act will bolster new career pathways into interstate trucking while promoting safety and training standards that far exceed the bar set by states today. This legislation offers a timely and essential trucking workforce and supply chain solution, built off years of broad bipartisan Congressional support.” “The last three years have proven just how important truck drivers are to the American economy and way of life, and how urgently we need to develop a pipeline of qualified, well-trained professional drivers to meet our nation’s growing freight needs,” said Mark S. Allen, President and CEO of IFDA.