?? Presidential Endorsement
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Good morning. We’re diving into the Teamsters' decision to withhold their endorsement for the 2024 U.S. presidential election—a major shift for the influential labor union. Meanwhile, cargo thefts and drug busts continue to escalate.
??Question of the Day: FedEx (FDX) tanked __% yesterday after the company slashed its revenue forecast and reported a big drop in profits.
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?? WHAT’S COOKIN’ IN FREIGHT
?? Cramer Curse? FedEx Shares Plunge 11%. On September 18th, Jim Cramer called FedEx (FDX) a "great stock to own." Less than 48 hours later, the stock tanked 11% after the company slashed its revenue forecast and reported a big drop in profits. The demand for their premium deliveries is down as customers cut costs. Plus, FedEx is losing $500 million from ending its contract with the USPS. Despite cost-cutting efforts, they’re still struggling to adjust after their pandemic growth.
?? Meat Heists & Cocaine Busts. New Jersey police busted a million-dollar meat theft ring, arresting four suspects in “Operation Beef Bandits,” which targeted high-value goods over the past three years. In a separate wave of crime, law enforcement seized nearly $1.7 million worth of cocaine in three major busts involving semi trucks—one Canadian truck driver was caught in Indiana with 300 pounds, CBP officers in California found $1.2 million hidden in a truck’s fifth wheel, and another bust in Texas uncovered over $500,000 worth of cocaine.
??? No More Skipping Weigh Stations in NC. Truckers aren’t fans of weigh stations—they want to avoid stopping and risking fines. But North Carolina is stepping up its game with a multi-million dollar investment in advanced weigh station technology. This includes weigh-in-motion systems, license plate recognition, and virtual weigh stations that can check trucks at highway speeds. The upgrades aim to streamline inspections, improve safety, and optimize commercial vehicle operations on key routes like I-95.
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Teamsters' Historic Non-Endorsement: What It Means for Supply Chain
The Teamsters union has announced that it will not endorse a presidential candidate for the first time in nearly 30 years. This comes after polling data revealed 59.6% of members favored Trump, compared to 34% for Harris, following Biden’s exit from the race.
The Teamsters, a powerful force in the trucking industry with over 1.3 million members, typically back Democratic candidates but are now refraining from any endorsement.
Teamsters and Trucking: A Rich History
Founded in 1903, the Teamsters were originally formed to represent horse-drawn wagon drivers and evolved alongside the trucking industry, becoming one of the most powerful labor unions in the U.S.
In recent years, they’ve led significant strikes and negotiations with major companies like UPS and Yellow Corp, marking important moments in the industry.
Their endorsement has historically carried significant weight in elections, often favoring Democrats. In 2020, they backed the Biden-Harris ticket, following their traditional alignment with the Democratic Party.
Why No Endorsement in 2024?
Teamsters President Sean O’Brien stated that neither Trump nor Harris garnered enough support from members to secure an endorsement.
领英推荐
"Neither major candidate was able to make serious commitments to our union to ensure the interests of working people are always put before Big Business." – Teamsters President Sean O'Brien
As the Teamsters have opted for neutrality, the freight industry itself seems to have strong opinions. Here are the results from a recent poll we conducted in a newsletter outlining the industry-related views of Harris and Trump.
What This Means for the Broader Supply Chain
Its non-endorsement signals deeper divisions within labor unions as we head into elections. And with the looming threat of a port strike at East and Gulf Coast ports, led by the International Longshoremen's Association (ILA), this division comes at a critical time.
This strike could hit right in the middle of peak holiday shipping season. If it happens, 72% of U.S. seaport trade—totaling over $2.12 trillion in 2023—could come to a halt, disrupting supply chains across the country.
President Biden’s decision to not block the strike adds to the uncertainty, especially as the Teamsters remain neutral in the presidential race.
Flexport Founder and CEO Ryan Petersen outlined the depth of impact a potential strike could have in a lengthy thread on X (Twitter).
This could spell trouble for businesses preparing for Black Friday and Cyber Monday, as even a short strike could cause bottlenecks lasting weeks.
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?? AROUND THE FREIGHT WEB
?? Tesla Semi Preferred Over Diesel. PepsiCo drivers of Tesla's electric Semi trucks report they no longer want to return to diesel vehicles after experiencing the benefits of electric driving.
?? Freight Decline Continues. Transport data shows declining linehaul rates and trailer orders, but slight increases in truck orders and tonnage suggest potential recovery.
? EV Freight Corridor. DB Schenker, Maersk, and PepsiCo will pilot an EV trucking corridor on I-10 from Los Angeles to El Paso starting in 2027.
?? DOJ lawsuit over bridge collapse. The Department of Justice has filed a $100M lawsuit against the ship owner who caused the Baltimore bridge collapse.
??? Understanding the Highway System. We break down the U.S. highway system, explaining how interstate numbering works and key routes for freight.
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FREIGHT MEME OF THE DAY
Member of The Church of Jesus Christ of Latter Day Saints. Husband. Owner and CFO, Always Be Careful Trucking (ABC transportation LLC) Owner and CFO, Independence Investments. Heavy Duty Diesel Mechanic.
2 个月CHASE OLIVER!!!!! that being said good job not endorsing either one of these two bad choices for president.