The November Logistics Manager’s Index came in at 55.7 (down -1.7 pts from 57.4 in October), indicating logistics activity is still expanding but at its slowest pace since mid-2024 as warehousing and transportation utilization cooled.

• Inventory Levels rose to 52.5 in November (from 49.5), shifting back into mild expansion and suggesting stocks are being rebuilt, particularly at retailers, after contracting in October.

• Inventory Costs eased to 70.8 (from 73.2, -2.4 pts) but remained firmly expansionary, and the report notes that every month of 2025 has seen significantly rising inventory costs, underscoring persistent pressure from tariffs and carrying expenses.

• Warehousing Capacity increased to 54.8 (from 52.0, +2.8 pts), while Warehousing Utilization fell sharply to 47.5 (from 56.5, -9.0 pts), the first contraction in the index’s history, pointing to looser space conditions as inventories are drawn down and shifted downstream.

• Warehousing Prices slowed but stayed elevated at 62.9 (down -4.8 pts from 67.7), and the report highlights that warehousing prices have never contracted and have averaged 69.2 in 2025, reflecting structurally high storage costs.

• Transportation Capacity dropped to 50.0 (from 54.5, -4.5 pts), indicating no net change after three months of easing, while Transportation Utilization decelerated to 51.5 (from 57.3, -5.8 pts), showing only marginal growth in freight activity by month-end.

• Transportation Prices accelerated to 64.9 (from 61.7, +3.2 pts), the fastest expansion since February; downstream retailers and larger firms reported especially strong price growth, consistent with peak-season retail movements and tighter effective freight capacity.

• Looking ahead 12 months, respondents expect the overall LMI to rise to 62.9, with Inventory Levels forecast at 56.7 and Inventory Costs, Warehousing Prices, and Transportation Prices all projected above 70, implying expectations for leaner but more expensive inventories and tighter transportation conditions in 2026.