IA Insights: November 9, 2026

Macro: Manufacturing, Consumers & Fuel

• U.S. manufacturing expanded for a tenth consecutive month, with October’s ISM purchasing managers index rising to 55.5 from 54.5 in September, production reaching its strongest reading since November 2021, and input prices continuing to increase.
  
  
• Consumer sentiment improved but remained near historic lows, with the University of Michigan’s preliminary November index rising to 51 from October’s 48 as cost-of-living concerns persisted; interviews concluded before the midterm election.
  
  
• U.S. growth is masking uneven economic conditions, according to the German Economic Institute, which found that tariffs have not consistently reduced the trade deficit, foreign direct investment fell 8.2% in 2025, and hiring has slowed despite continued GDP growth.
  
  
• Retail diesel fell 6 cents to $6.292 per gallon, while December diesel futures dropped 25.45 cents on November 2 amid hopes for a Middle East agreement, although renewed diplomatic uncertainty quickly reversed part of that decline.

Land: Trucking, LTL & Intermodal

• Trucking’s recovery remains uneven, with stronger rates and selective hiring offset by fragmented demand, elevated operating costs, and falling equipment orders; DAT reported truck postings roughly 25% below year-earlier levels even as load postings increased.
  
  
• Holiday inventory builds are strengthening carriers’ rate expectations, with October’s Logistics Managers’ Index showing transportation capacity contracting for an eleventh consecutive month and Knight-Swift seeking at least double-digit contract increases as bid season begins.
  
  
• Trucking enforcement continues to remove noncompliant capacity, including an Arkansas inspection campaign that placed 393 drivers and vehicles out of service; analysts say the cumulative capacity impact is meaningful but remains difficult to quantify as related licensing actions face court challenges.
  
  
• TFI plans a separate, non-union U.S. LTL network, building around Hercules Forwarding with third-party pickup, delivery, and linehaul providers while retaining TForce Freight and bringing in new management to address its weak financial performance.
  
  
• Intermodal delivered record third-quarter savings of 33.1% on contract freight and 31.6% on spot freight versus long-haul trucking, but record domestic container volumes are strengthening providers’ pricing position ahead of 2027 renewals as some rail service measures deteriorate.
  
  
• BNSF’s third-quarter revenue rose 14.7% to $6.87 billion and pretax earnings increased 18.5% to $2.26 billion, supported by 3.9% volume growth, higher yields, and fuel surcharge revenue, with West Coast imports and tightening truck capacity helping intermodal demand.
  
  
• Schneider will replace CSX with Norfolk Southern as its primary eastern rail partner, targeting January 1 implementation to expand market access and truck-to-rail conversion opportunities; Schneider says its owned containers, chassis, and drayage operations strengthen the offering, with potential UP–NS merger benefits providing additional upside.
  
  
• Union Pacific’s proposed Norfolk Southern merger faces renewed shipper scrutiny after the Surface Transportation Board ordered disclosure of CEO Jim Vena’s remarks about raising opponents’ rates; UP described the statement as offhand and said customers’ merger positions do not determine pricing or service.

Sea: Ocean Carriers, Ports & Trade

• North American container imports increased 9% year over year in September, while global volumes rose 8% to 17.35 million TEUs and the global freight price index climbed 62%, highlighting the combined pressure of resilient demand, disrupted shipping routes, and constrained effective capacity.
  
  
• Ocean carriers are raising forecasts and reshaping services: Maersk lifted its 2026 EBITDA outlook to 14.5 billion, and ONE more than doubled its fiscal-year profit forecast to $2 billion, while Hapag-Lloyd announced standalone China–Brazil and China–Mexico services for 2027 and Zim scheduled a third China–Los Angeles express service to depart December 6, offering additional routing options amid elevated rates.
  
  
• An early Lunar New Year is pulling Asia–Europe shipping demand forward, with the February 6 holiday compressing export windows, spot rates recovering, and forwarders recommending four to six weeks of advance planning as Chinese trucking availability, blank sailings, and congestion complicate bookings.
  
  
• Los Angeles–Long Beach watchmen extended their contract deadline to November 20, following earlier extensions and federal mediation assistance; the dispute involves roughly 250 security workers at six terminals handling more than half the complex’s cargo, leaving potential holiday freight disruption unresolved as heavy imports continue.
  
  
• U.S. forces disabled the bulk carrier Huda in the Gulf of Oman on November 7, with CENTCOM saying the vessel ignored warnings after visiting an Iranian port, marking the first reported U.S. disabling strike in a month amid continued regional attacks on commercial shipping.
  
  
• Manufacturers, retailers, and shipping groups urged USTR to extend the suspension of Chinese ship fees, with the agency proposing a pause through January 9, 2027, and many commenters seeking longer relief to reduce uncertainty around transportation costs, export competitiveness, and routing decisions.
  
  
• Container delays can keep generating costs after the original disruption eases, argues JOC contributor Paul Tonsager, who recommends separating indexed fuel charges from linehaul and establishing free time and storage, detention, and demurrage limits before shipment.

Warehousing, Industrial Demand & Infrastructure

• Inland markets captured 83% of industrial absorption, according to Cushman & Wakefield, as companies pursued lower costs and newer facilities, although Prologis cautioned that changes in freight routing do not yet demonstrate a broad relocation of warehouses away from ports.
  
  
• Americold reported stabilizing cold-storage demand and a third consecutive quarter of revenue growth, up 4.2% to about $692 million, while its $683 million profit primarily reflected a one-time joint-venture gain as it reduces debt and sells or idles 27 less-profitable facilities.
  
  
• Energy, infrastructure, and data center projects are supporting heavy equipment demand, with Caterpillar’s backlog reaching $78 billion and turbine orders extending into 2030, while stronger crane and construction equipment orders point to continued demand for heavy-haul, ro/ro, and breakbulk transportation.

Parcel, Air Cargo & Logistics Technology

• Drone delivery is attracting larger infrastructure commitments: Wing plans to invest up to $125 million in a Fort Worth factory capable of producing tens of thousands of aircraft annually as it targets nearly 20 U.S. markets by 2027, while Zipline raised $1.5 billion at a $21.5 billion valuation and expanded its Walmart agreement to add 300 delivery sites.
  
  
• Amazon plans to deploy 5,000 smart delivery glasses this year and more than 20,000 by the end of 2027, providing navigation, delivery preferences, and automated proof-of-delivery capture within drivers’ field of view to improve execution after they leave the van.
  
  
• FedEx launched a dedicated aircraft engine logistics service, combining specialist shipment management, customs and compliance coordination, and digital documentation after reporting a fifteenfold increase in engine moves as it expands airfreight relationships with traditionally parcel-focused customers.
  
  
• FedEx Dataworks is helping modernize the U.S. Army’s logistics network and 23 industrial facilities, applying predictive analytics, inventory planning, and routing improvements to reduce delivery times, with a finalized implementation plan expected in November.