CLIFF NOTES: Week of July 31, 2019
NMFC Changes Effective August 24, 2019
Supplement 2 from the Commodity Classification Standards Board (CCSB) was posted on July 25, 2019. This notice lists various changes to National Motor Freight Classification (NMFC) standards and packaging rules that will go into effect on August 24, 2019. Items such as broilers, siding, air coolers and water heaters are impacted by the latest updates. To read our blog post, click here.
ATA Releases Truck Driver Shortage Report
On July 24, the American Trucking Associations (ATA) released its analysis of the United States truck driver shortage. The report’s findings state that the trucking industry is in need of 60,800 more drivers to meet freight service demands in our country. Bob Costello, ATA Chief Economist, stated that the driver shortage is an important issue “because if conditions don’t change substantively, [the trucking] industry could be short just over 100,000 drivers in five years and 160,000 drivers in 2028.” The ATA has found that 1.1 million drivers will need to be hired over the next decade to keep up with the growth of the economy and replace retiring truck drivers. To read the full report, click here.
Tropical Storm Wipha Brings Typhoon Warnings to Hong Kong
On July 30, Hong Kong issued a tropical cyclone signal 8, with the highest being 10. The concern from this storm has closed schools and businesses in an attempt to avoid potential risk to human life. Trade is expected to be suspended in Hong Kong through Thursday, August 1, should the storm signal remain at an 8 or higher. Similarly, Hong Kong financial markets will not reopen on August 1 if the signal remains at an 8 or higher. To read more, click here.
Statistic of the Week
The amount of total combined planned spending for back-to-school and back-to-college shoppers in the United States in 2019. To view more statistics, click here.
Links of the Week
Catch up with the Ascent Global Logistics team at the below upcoming events:
TUPELO FURNITURE MARKET
Tupelo, MS – August 15-18, 2019
NATIONAL FIREWORKS ASSOCIATION EXPO
Branson, MO – September 8-13, 2019
2019 NAFA ANNUAL CONVENTION
Montreal, QC – September 11-13, 2019
International Holiday Calendar