// Monthly report
Labor & Logistics Indicators
A monthly read on the numbers that move warehouse labor and fulfillment cost: employment and wages, freight and diesel, parcel surcharges, interest rates and industrial real estate. Written for both sides of the market: manufacturers and shippers buying logistics, and the 3PLs, warehouses and carriers providing it. Published monthly by Productiv, Inc. from official public data and named industry sources.
Productiv Labor & Logistics Pressure Index
September 2026 (final)
137.8
+5.2 pts m/m · +18.8 pts y/y
- Labor
- 112.2
- Freight
- 139.5
- Capital & Inputs
- 147.3
- Oct. 2025: 122.4
- Nov. 2025: 126.9
- Dec. 2025: 119.3
- Jan. 2026: 115.7
- Feb. 2026: 118.5
- March 2026: 130.6
- April 2026: 132.8
- May 2026: 136.0
- June 2026: 137.4
- July 2026: 126.6
- Aug. 2026: 132.6
- Sept. 2026: 137.8
100 = 2015–2019 average; higher = more cost and labor pressure. Methodology
Latest issue · November 2026 · Data as of
Index 137.8, Warehouse Prices 80.7: Storage Is the Peak Squeeze
Inventories are building faster than storage is opening up, diesel is up 68% from a year ago, and both big parcel carriers set 5.9% increases. Space and freight, not hiring, are the costs to watch into peak.
At a glance
- Storage: The LMI Warehousing Prices index was 80.7 in October 2026, its fastest growth since May 2022, while Warehousing Capacity contracted at 43.5 (Logistics Managers' Index).
- Fuel: U.S. diesel averaged $6.292/gal for the week of Nov. 2, 2026, up $2.539 from a year earlier (EIA).
- Pay: Transportation and warehousing average hourly earnings rose 3.1% year over year in September 2026, behind September CPI inflation of 3.7% (BLS).
- Input prices: Producer prices for final demand rose 6.3% year over year in September 2026 (BLS), and the ISM manufacturing prices index was 75.2 in October (ISM).
- Parcel: UPS (Dec. 21, 2026) and FedEx (Jan. 4, 2027) both set average rate increases of 5.9%. Ground fuel surcharges were 30.25% (UPS) and 29.25% (FedEx) for the week of Nov. 2 (carrier notices).
Key figures
| Indicator | Latest | Period | Source |
|---|---|---|---|
| LMI Warehousing Prices | 80.7 | Oct. 2026 | Logistics Managers' Index |
| Diesel, U.S. on-highway average | $6.292/gal | Week of Nov. 2, 2026 | EIA |
| Warehousing & storage employment | 1,831,800 (−21,600 y/y) | Sept. 2026, preliminary | BLS |
| Avg. hourly earnings, transportation & warehousing | $32.78 (+3.1% y/y) | Sept. 2026 | BLS |
| CPI, headline | +3.7% y/y | Sept. 2026 | BLS |
| PPI, final demand | +6.3% y/y | Sept. 2026 | BLS |
| ISM Manufacturing PMI | 55.5 | Oct. 2026 | ISM |
| Cass Freight Index, expenditures | +20.4% y/y | Sept. 2026 | Cass |
| 10-year Treasury | 4.91% | Nov. 2, 2026 | Federal Reserve via FRED |
| Indicator | Latest value | Change | Shippers & manufacturers | 3PLs & warehouses | Transportation & fleets |
|---|---|---|---|---|---|
| EconomyPPI, final demand | +6.3% y/y (Sept. 2026, BLS) | +1.3% m/m; core +5.0% y/y | HeadwindPackaging and component costs still climbing | HeadwindSupply costs up; check pass-through clauses | NeutralTruckload prices tracked under Freight |
| Credit & Rates10-year Treasury | 4.91% (Nov. 2, 2026, FRED) | From 5.24% on Oct. 1; Fed held at 3.75%–4.00% | NeutralCarrying inventory still costly, a bit less than in October | NeutralPrime rate unchanged at 7.00% | NeutralEquipment financing unchanged |
| LaborWarehousing & storage employment | 1,831,800 (Sept. 2026, prelim., BLS) | −21,600 y/y; pay +3.1% vs. CPI +3.7% | NeutralHeadcount is not the binding constraint | HeadwindReal pay is falling; retention costs rise | NeutralQuits rate eased to 2.1% (T/W/U) |
| Industrial Real EstateU.S. industrial vacancy | 6.8% (Q3 2026, Cushman & Wakefield) | −20 bps vs. year-end 2025; rent $10.40/sq ft, +4.0% y/y | HeadwindLease costs still rising; price flexible capacity | HeadwindDallas/Fort Worth rent +19.9% y/y | NeutralNo direct effect |
| FreightU.S. on-highway diesel | $6.292/gal (week of Nov. 2, 2026, EIA) | +$2.539 y/y; −6.0¢ w/w | HeadwindFuel in every freight bill | HeadwindInbound and outbound freight costs up | HeadwindFuel cost up; dry van spot +32.6% y/y helps revenue |
| ParcelUPS ground fuel surcharge | 30.25% (week of Nov. 2, 2026) | UPS and FedEx 2027 GRIs +5.9% avg. | HeadwindBase rates and fuel both rising | NeutralPack-out and carton size set surcharge exposure | NeutralNo direct effect |
Current issue and archive
- Current issueIndex 137.8, Warehouse Prices 80.7: Storage Is the Peak Squeeze
Warehouse prices are rising at the fastest pace since 2022 as inventories build. Our November 2026 read on labor, freight, rates, real estate and parcel.
Pressure Index 137.8 · September 2026
- ArchivePMI 54.5, Warehouse Jobs −21,600: Retention Is the Peak Risk
Diesel is up 70%, warehouse jobs are falling and pay trails inflation. Our October 2026 read on labor, freight, rates, real estate and parcel costs.
Pressure Index 130.4 · August 2026
- Archive · retrospectiveSeptember 2026 Report: Pressure Index 126.6 for July
Retrospective edition compiled Nov. 4, 2026: the Productiv Labor & Logistics Pressure Index for July 2026 (126.6), with pay, fuel, freight, producer-price and interest-rate charts. Data as currently revised.
Pressure Index 126.6 · July 2026
- Archive · retrospectiveAugust 2026 Report: Pressure Index 137.4 for June
Retrospective edition compiled Nov. 4, 2026: the Productiv Labor & Logistics Pressure Index for June 2026 (137.4), with pay, fuel, freight, producer-price and interest-rate charts. Data as currently revised.
Pressure Index 137.4 · June 2026
- Archive · retrospectiveJuly 2026 Report: Pressure Index 136.0 for May
Retrospective edition compiled Nov. 4, 2026: the Productiv Labor & Logistics Pressure Index for May 2026 (136.0), with pay, fuel, freight, producer-price and interest-rate charts. Data as currently revised.
Pressure Index 136.0 · May 2026
- Archive · retrospectiveJune 2026 Report: Pressure Index 132.8 for April
Retrospective edition compiled Nov. 4, 2026: the Productiv Labor & Logistics Pressure Index for April 2026 (132.8), with pay, fuel, freight, producer-price and interest-rate charts. Data as currently revised.
Pressure Index 132.8 · April 2026
- Archive · retrospectiveMay 2026 Report: Pressure Index 130.6 for March
Retrospective edition compiled Nov. 4, 2026: the Productiv Labor & Logistics Pressure Index for March 2026 (130.6), with pay, fuel, freight, producer-price and interest-rate charts. Data as currently revised.
Pressure Index 130.6 · March 2026
- Archive · retrospectiveApril 2026 Report: Pressure Index 118.5 for February
Retrospective edition compiled Nov. 4, 2026: the Productiv Labor & Logistics Pressure Index for February 2026 (118.5), with pay, fuel, freight, producer-price and interest-rate charts. Data as currently revised.
Pressure Index 118.5 · February 2026
- Archive · retrospectiveMarch 2026 Report: Pressure Index 115.7 for January
Retrospective edition compiled Nov. 4, 2026: the Productiv Labor & Logistics Pressure Index for January 2026 (115.7), with pay, fuel, freight, producer-price and interest-rate charts. Data as currently revised.
Pressure Index 115.7 · January 2026
- Archive · retrospectiveFebruary 2026 Report: Pressure Index 119.3 for December 2025
Retrospective edition compiled Nov. 4, 2026: the Productiv Labor & Logistics Pressure Index for December 2025 (119.3), with pay, fuel, freight, producer-price and interest-rate charts. Data as currently revised.
Pressure Index 119.3 · December 2025
- Archive · retrospectiveJanuary 2026 Report: Pressure Index 126.9 for November 2025
Retrospective edition compiled Nov. 4, 2026: the Productiv Labor & Logistics Pressure Index for November 2025 (126.9), with pay, fuel, freight, producer-price and interest-rate charts. Data as currently revised.
Pressure Index 126.9 · November 2025
- Archive · retrospectiveDecember 2025 Report: Pressure Index 122.4 for October
Retrospective edition compiled Nov. 4, 2026: the Productiv Labor & Logistics Pressure Index for October 2025 (122.4), with pay, fuel, freight, producer-price and interest-rate charts. Data as currently revised.
Pressure Index 122.4 · October 2025
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