July PMI Hits 4-Year High, STG Drayage Misclassification Settlement, & Atlas Air Invests | The Morning Minute

In this episode, we kick things off by examining a manufacturing surge that's creating serious momentum across the freight landscape. July's Institute for Supply Management Manufacturing PMI jumped to 55.6, the highest reading since May 2022 and well ahead of analyst expectations. This manufacturing recovery is showing up directly in less-than-truckload volumes, with four publicly traded LTL carriers reporting tonnage up 2.6 percent year over year in the second quarter, and preliminary July results showing even stronger growth at 5.1 percent year over year. Next, we discuss a major driver misclassification case as drayage drivers who hauled for STG Logistics in New Jersey are eligible for a piece of a more than $2.2 million payout following the settlement. The suit, which dates back to 2023, was the first filed under a 2021 New Jersey law targeting employers who misclassified full-time workers as independent contractors. Eligible drivers can receive a lump sum based on their earnings from January 2017 to the present. Finally, we explore how a strategic investment is expanding global widebody cargo capacity as Atlas Air Worldwide Holdings completed its transaction to take a 49 percent stake in Iceland-based Air Atlanta, the all-cargo carrier and lessor announced on Monday. As part of the deal, Atlas subsidiary Titan Aviation acquired fourteen widebody freighter aircraft owned by Air Atlanta and leased them back, while Air Atlanta's CEO and vice presidents acquired a 51 percent controlling interest in the operating companies. Follow the FreightWaves Today Podcast Other FreightWaves Shows Learn more about your ad choices. Visit megaphone.fm/adchoices