BOCA RATON, Fla. — A new logistics report says the freight market is entering uncharted territory, with trucks becoming harder to find and more expensive at the same time.
The April Logistics Managers’ Index came in at 69.9, up from 65.7 in March, according to researchers.
Any score above 50 indicates the logistics industry is expanding, while a score below 50 indicates contraction.
Researchers said transportation capacity dropped to 28.4, the second-lowest reading in the index’s 9-and-a-half-year history.
At the same time, transportation prices surged to 95, the second-highest measure ever recorded.
That created a 66.6-point gap between freight costs and available capacity, the largest gap ever measured by the index.
“Previous readings have signaled that the market for transportation is tightening and that prices would escalate,” said Steven Carnovale, associate professor of supply chain management at Florida Atlantic University’s College of Business. “However, this large a gap between the two is notable.”
The Logistics Managers’ Index surveys director-level and higher supply chain executives. It measures several parts of the logistics industry, including inventory levels, inventory costs, warehousing capacity, warehousing prices, transportation capacity, transportation utilization and transportation prices.
Researchers said other cost pressures are also building.
Warehousing prices rose to 72.7, while inventory costs held at 74.7. Both are above the 70 threshold the index considers significant expansion.
Aggregate logistics costs reached 242.4, the highest level since April 2022, according to the report.
Researchers said previous readings above 240 have historically come before supply-driven inflation, which can be harder for the Federal Reserve to address because higher interest rates do not create more trucks or warehouse space.
Supply chain professionals surveyed for the report do not expect conditions to ease soon.
Respondents predicted the overall index will rise to 73.2 over the next 12 months, up from March’s forecast of 67.8.
“Given the dynamic and unstable geopolitical landscape, coupled with increased fuel prices and tightening capacity across the supply chain, the next few months are likely to be a bit of a roller coaster,” Carnovale said.
The Logistics Managers’ Index is calculated by researchers at Florida Atlantic University, Arizona State University, Colorado State University, Rutgers University and the University of Nevada, Reno.
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