U.S. Bank reported a 21% year-over-year decline in shipments and spending indices in Q3, indicating a slow recovery ahead. Although shipments fell 1.9% and spending dropped 1.4% from Q2, the rate of decline is lessening, suggesting some market improvement. Analysts noted that while the shipment index has been decreasing since Q2 2022, the latest drop was the smallest in over a year. Mixed forecasts about future trends persist, with some signs of potential recovery, such as a 0.9% increase in new contract renewal rates, despite a soft spot market.

Source: https://www.supplychaindive.com/news/q3-us-bank-shipments-spending-index/732159/