This is a weekly series that brings the insights we use to get your shipments from A to B from our carrier sales floor to your home office.
This week Loadsmart’s Carrier Sales, Jimmy Fahey, breaks down what happened last week and what to expect this week in the freight market in less than 60 seconds.
What We Saw Last Week
- New jobless claims fell close to their lowest level last week since the pandemic began. First time flings in the week ended Oct. 17 totaled 787,000, above pre-pandemic norms but below the almost 7 million claims during a week in March when the virus prompted widespread closures.
- White House officials and House Speaker Nancy Pelosi are closing in on a nearly $2 trillion dollar deal to provide another round of stimulus checks, reinstate extra weekly unemployment benefits and extend aid for small businesses, airlines, and state and local governments. This all comes as COVID-19 cases rise to their highest levels since the middle of summer and cooler weather will hamper the ability for outdoor activities. However, if the White House and House Speaker Pelosi reach an agreement, a vote would most likely have to wait until after the election
- Union Pacific doubled it’s surcharge on small shippers sending excess contract cargo out of the Seattle market from $500 to $1000 per container starting Oct. 25th. The upcharge comes three months after it began charging fees in the LA and Stockton-Oakland markets, but the surcharge has done much to lower demand as UP’s 3rd quarter volumes jumped 24% from Q2, the largest quarter over quarter increase in the company’s history