Supply chain activity in the U.S. remains below its long-run average as the market searches for a clear direction, according to a report from trailer rental provider Warehouse on Wheels.
That conclusion comes from the Fort Mitchell, Kentucky-based firm’s WOW Supply Chain Activity Index, a monthly measure that serves as an indicator of U.S. logistics and warehousing activity. Each month, the report produces an index number drawn from nine inputs: WOW Deployment Ratio, LMI Warehousing Utilization, LMI Transportation Prices, Cass Freight Index, ISM Manufacturing PMI, ISM Supplier Deliveries, Mfrs. Inventories-to-Sales Ratio, NY Fed Global Supply Chain Pressure, and U.S. Industrial Vacancy Rate. The resulting number is scored between 0 and 100, with 50 marking long-run neutral conditions.
Looking at the most recent results, June’s 42.2 reading is the second consecutive month in the low 40s, following a choppy climb back from January’s cycle low point of 33.4. In WOW’s analysis, that figure means that June was in the Contraction zone, defined as any value below 45. In practical terms, that environment is marked by lower freight rates, ample warehouse capacity, and limited pricing power across the trucking and storage sectors.
Over a longer period, June’s result shows that the sector’s recovery remains choppy. After bottoming at 33.4 in January 2026, the Index has churned without a clean breakout: 39.5 in February, 43.1 in March, a pullback to 39.0 in April, then 42.1 in May and 42.2 in June. So the July reading will test whether the plateau holds, and the August release will show whether the market can finally push through toward Neutral.
