United States LMI Logistics Managers Index

The US Logistics Managers' Index eased to 68.9 in July 2026, down from 71.1 in June, which marked the fastest pace of expansion since March 2022. Although growth moderated, July's reading remains higher than any monthly reading recorded between 2023 and 2025, indicating continued strength in the logistics sector. The slowdown was driven primarily by Inventory Levels, which fell 5.5 points to 55.0 after firms pulled inventory forward ahead of July tariff increases. The decline was most pronounced among Downstream retailers, where Inventory Levels dropped from 66.0 to 46.3, suggesting that inventories built ahead of the holiday season are now concentrated Upstream at the wholesale level. Meanwhile, Inventory Costs continued to rise, increasing 1.1 points to 77.0. At 22.0 points above Inventory Levels, the gap underscores persistent cost pressures from tariffs and ongoing geopolitical conflict.

The Logistics Manager’s Index in the US increased to 71.1 in June 2026 from 69.5 in May, pointing to the strongest growth in the logistics sector since March 2022. The upward push is mostly due to much faster expansion in Inventory Levels (+5.7 to 60.5), largely traced to surges among larger respondents and Downstream retailers. The push from retailers is likely representative that consumer spending has held through the first half of the year despite of inflation, giving retailers confidence in bringing forward goods for the second half of the year. Also, tariffs may increase in later July, so some of what we’re seeing is a pull-forward ahead of peak season. The move in Inventory Levels led to subsequent increases in Warehousing Utilization (+6.5 to 69.4), Warehousing Prices (+3.0 to 73.8) and Transportation Utilization (+5.2 to 74.7). At the same time, Warehousing Capacity (-3.0 to 47.5) moved back into contraction as more storage space is needed to accommodate increased inventories.

The Logistics Manager’s Index in the US declined to 69.5 in May 2026 from 69.9 in April, pointing to a slowdown in the logistics sector, although it is still the second fastest level of expansion since March 2022. Inventory levels slowed (-1.5 to 54.8) and warehousing capacity moved back from contraction to mild expansion (+5 to 50.5). Despite the slowdown in inventory expansion and increase in storage capacity, costs remain elevated. Inventory Costs are up (+9.4 to 84.1) which is the highest reading for this metric since May of 2022. Warehousing prices remain elevated as well (70.7 vs 72.7). Also, the transportation market has been tight, with prices growing at an unprecedented rate since the closure of the Strait of Hormuz. Transportation prices are up to a record high (+1 to 96). Transportation capacity continues to contract quickly (31.7 vs 28.4), and transportation utilization expansion remains elevated (69.5 vs 69.6).