美国12月物流业扩张速度进一步放缓

Core Viewpoint - The Logistics Managers Index (LMI) for the U.S. in December recorded a value of 54.2, marking a decline from 55.7 for two consecutive months, indicating a significant slowdown in the expansion of the U.S. logistics industry since April 2024 [1] Group 1: Inventory and Warehousing - The recent slowdown is primarily driven by downward pressure in inventory and warehousing markets, with December inventory levels experiencing a sharp contraction likely due to high inventory levels being rapidly consumed during the holiday period [1] - As inventory depletion accelerates, the growth of corporate inventory costs is also slowing down [1] - Despite a continuous increase in U.S. warehousing capacity, the warehousing utilization rate has hit a historical low for two consecutive months, reflecting a significant shift in supply chain strategies [1] Group 2: Transportation Impact - The structural adjustments in inventory management have a direct impact on transportation, with the transportation capacity index falling below 50, indicating contraction, while transportation prices have risen [1] - This suggests that despite a general slowdown in logistics activity, specific transportation demands are still exerting upward pressure on freight rates [1] Group 3: Supply Chain Transformation - The changes in logistics indicators highlight a transition in the U.S. supply chain from a "stockpiling-oriented" approach to a "responsive-oriented" strategy [1] - However, the contraction in transportation capacity alongside rising freight rates may introduce uncertainties regarding future logistics costs and inflation expectations [1]