Logistics Managers’ Index

Data PMI

Source: Logistics Managers’ Index
Source Link: https://www.the-lmi.com/
Frequency: Monthly
Next Release(s): September 2nd, 2025 6:00 AM

Latest Updates

The Logistics Managers’ Index (LMI) slipped to 59.2 in July, down -1.5 pts from June and marking the fourth straight month of slowing expansion, driven by easing Inventory Costs and Inventory Levels.
- Inventory Costs fell -9.0 pts to 71.9, still signaling robust expansion but at a slower pace; future expectations dropped -6.6 pts to 75.3.
- Inventory Levels declined -4.2 pts to 55.6, with large firms and Downstream respondents reporting contracting stock; expectations for the next year fell to 56.7.
- Warehousing Capacity rose +3.3 pts to 51.1, returning to expansion for the first time in four months; future outlook edged up to 52.2.
- Transportation Utilization jumped +6.6 pts to 59.5, the highest since January; future index rose +7.0 pts to 64.2.
- Transportation Prices increased +1.0 pt to 63.0, with future prices seen rising sharply to 75.5, especially Upstream.
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The Logistics Managers’ Index (LMI) rose to 60.7 in June, up +1.3 pts from May, marking the third reading above 60.0 in 2025 and signaling continued expansion in logistics activity, led by surging inventory and transportation costs.
- Inventory Levels surged +8.3 pts to 59.8, driven by a 22.2 pt Upstream-Downstream divergence; expectations for the next year rose to 62.5.
- Inventory Costs jumped +2.5 pts to 80.9 and are now up 19.3 pts from end-2024; future expectations hit 81.9.
- Warehousing Capacity slipped -2.2 pts to 47.8, entering contraction for the first time since March 2024; future outlook softened to 52.1.
- Warehousing Prices dropped -3.8 pts to 68.3, despite utilization remaining strong at 62.2; prices expected to rise to 75.5 over the next year.
- Transportation Utilization was up just 0.3 pts to 52.9, indicating just a slight expansion. The future index dropped -3.7 pts to 57.2.
- Transportation Capacity fell -2.3 pts to 52.4 (lowest in 12 months); Transportation Prices dropped -1.1 pts to 62.0, with a future index still elevated at 73.3.
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The Logistics Managers' Index (LMI) rose to 59.4 in May, up 0.6 pts from April, signaling continued expansion driven by rising inventory and transportation costs despite slower inventory accumulation and tighter capacity.
- Inventory Levels dropped -5.5 pts to 51.5, reflecting near-stagnation, while Inventory Costs surged +2.8 pts to 78.4, the highest since Oct 2022, creating a 26.8 pt spread, the third largest in index history.
- Warehousing Capacity fell -5.4 pts to 50.0, indicating no net change, while Warehousing Utilization increased +2.4 pts to 62.5 and Warehousing Prices held steady (-0.2 pts to 72.1).
- Transportation metrics were stable: Capacity dipped -0.5 pts to 54.7, Utilization declined -0.7 pts to 52.6, and Prices rose +0.8 pts to 63.1.
- Small firms reported more logistics activity than large ones, with a higher overall LMI (63.1 vs 56.2), higher Inventory Levels (57.4 vs 46.1), and higher Inventory Costs (85.9 vs 71.6).
- Future expectations point to continued cost pressure: Inventory Costs (78.9), Warehousing Prices (79.4), and Transportation Prices (75.0) are all forecasted to expand, while capacity is expected to remain tight (Transportation Capacity: 50.0, Warehousing Capacity: 53.9).
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The Logistics Managers’ Index rose to 58.8 in April, up 1.7 pts from March, reflecting ongoing expansion driven by rising storage and transportation costs despite slower inventory growth.
- Inventory Costs jumped 5.0 pts to 75.6 and Warehousing Prices surged 11.2 pts to 72.3, suggesting stagnant inventory is becoming expensive to hold as it has not yet been sold to consumers.
- “The movements in inventories we observed from January to mid-March are very similar to the movements we would normally see from August to mid-October. The difference being that when inventories crest in mid-October, it is because they are about to be sold during the holiday season. The inventories that have been built up now will likely be sold more slowly, leading to higher storage costs across the board.”
- Inventory Levels slowed to 57.1 (-4.1 pts MoM) as the Q1 tariff-driven buildup eased; Warehousing Capacity rose slightly to 55.4.
- Transportation Prices climbed 5.9 pts to 62.3, driven largely by Downstream firms, while Transportation Utilization edged down -0.7 pts to 53.3.
- Downstream firms anticipate sharp increases in Inventory Costs (forecast at 94.0) and Warehousing Prices (84.8), compared to more modest forecasts from Upstream respondents.
- Future LMI expansion is expected at 60.6, unchanged from March, with a pronounced divergence between bullish retail-level (Downstream) and cautious industrial (Upstream) outlooks.
- In the next year, upstream respondents expect a significant decline in inventories while Downstream respondents expect a significant increase in inventories.
Source
The Logistics Manager’s Index decreased -5.6 pts to 57.1 in March, the lowest reading since August 2024 and down -0.8 pts YoY, indicating a departure from the rapid growth observed in January and February, potentially influenced by upcoming tariffs.
- The MoM declines in Inventory Costs (-6.7 pts to 70.6), Warehousing Prices (-16.0 pts to 61.0), and Transportation Prices (-9.0 pts to 56.4) may reflect a slowdown in import activity after an initial surge to get ahead of anticipated tariffs.
- Downstream Inventory Levels expanded 7.8 pts faster than Upstream levels MoM, reaching 66.7, suggesting that businesses pulled forward inventory in anticipation of tariffs.
- A negative freight inversion was observed in the latter half of March, with Transportation Capacity expanding faster than Transportation Prices, potentially indicating a future downturn in the transportation market amid tariff-related uncertainties.
- Future predictions for the overall LMI indicate a slower rate of expansion at 60.6, down -5.6 pts from February’s forecast, with expectations of Warehousing Capacity contracting to 45.5 over the next 12 months in a potentially tariff-impacted environment.
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The Logistics Managers’ Index increased 0.8 pts to 62.8 in February, the highest since June 2022, driven by inventory buildup and warehousing strain.
- The Inventory Levels and Inventory Costs indexes increased the most, up 6.3 pts to 64.8 and up 7.1 pts to 77.3 (the highest since February 2022) respectively.
- As inventory growth surged, Warehousing Capacity growth eased further, down -1.2 pts to 50.5, indicating almost no growth in capacity.
- Warehousing Prices hit 77.0, up 4.0 pts, with late-February rates skyrocketing to 85.6 due to static inventories.
- There is evidence companies are abandoning lean inventory practices for just-in-case (JIC) stockpiling, mirroring 2021–2022 inflationary trends, ahead of tariffs.
- Transportation Capacity expanded 2.5 pts to 55.1, but Utilization slowed to -2.3 pts to 57.8, suggesting stagnant inventory movement post-tariff rush.
- Transportation Prices eased -4.9 pts to 65.5, though still elevated, indicating sustained demand but loosening market conditions.
- Survey respondents see a rise in costs across inventories, warehousing, and transportation in the future.
Source
The LMI increased 4.7 pts to 62.0 in January, the fastest rate of expansion in the index since June 2022. Both Upstream (63.3) and Downstream (62.7) firms reported similar levels of growth, and smaller firms reported higher expansion (66.0) compared to larger firms (59.6).
- The Inventory Levels index increased to 58.5 (+8.5 pts) and saw a particularly strong increase in the second half of January (63.3). Downstream inventory levels jumped from 33.9 in December to 56.1 in January.
- The Inventory Costs index rose to 70.2 (+8.4 pts) which is the first time the index is above 70.0 since February 2023. The rise in costs was driven by inventory buildup and healthy consumer demand.
- Warehousing:
- Transportation:
- The increase in inventory build up and costs combined with the increase in warehousing activity suggest that there was a sharp upturn in supply chain activity in order to front run potential tariffs on Mexico, Canada, and China.
- Respondents predict continued expansion at 66.1 over the next 12 months: expected continued high inventory costs (69.8), transportation prices expected to grow significantly (81.1), warehousing prices predicted to remain elevated (74.8).
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The Logistics Manager’s Index fell -1.1 pts to 57.3 in December as the logistics industry saw a seasonal wind-down in inventory levels. The Transportation Prices index increased significantly, up 3.0 pts to 66.8, the highest since April 2022. Transportation Capacity remained in expansion territory at 53.2 after a 0.6 pt increase. The growth was driven by strong consumer demand and e-commerce activity.

There was a sharp contrast in inventory dynamics between Upstream firms (57.9, expanding) and Downstream retailers (33.9, contracting). All warehousing metrics showed expansion and pointed to tighter warehouse conditions: Warehousing Utilization index at 61.7 (+2.8 pts), Warehousing Prices index at 68.0 (-0.8 pts), and Warehousing Capacity index at 56.9 (+0.2 pts).

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