The limited passenger service worldwide is keeping a lid on airfreight volumes, which should be growing faster based on strong global manufacturing activity and retail sales as the world adjusts to the coronavirus.
The International Air Transport Association reported this week that air cargo demand in August improved nearly two points from July, but was still 12.6% below 2019 levels. And volumes shrank 14% year-over-year in the all-important international sector.
At the same time, the Purchasing Managers’ Index showed new export orders increased 5.1% on an annual basis, its best performance in three years. Manufacturing output continues to grow. Leading indicators tracked by the Organization for Economic Cooperation and Development are trending upward and Manpower Group’s employment survey for this quarter shows improvement.