The US Logistics Managers’ Index fell for a second consecutive month to 66.6 in August 2026, from 68.9 in July, pointing to the slowest growth in the logistics sector in six months. The decline was driven by a slowdown in inventory expansion, while logistics costs continued to rise at a high pace. Inventory Levels eased (-2.2 to 52.8), primarily driven by Upstream. However, expansion in Inventory Costs continue apace (+1.6 to 78.6), which is their second-fastest rate of expansion in 12 months. There were similar dynamics in warehousing and transportation. Warehousing Capacity moved up (+7.2 to 53.5), its fastest rate of expansion all year, while Warehousing Prices remained elevated (-0.5 to 75). Transportation Capacity is still contracting (+11.6 to 40) but Transportation Price expansion is up (+3.1 to 90). Essentially, the August report paints a picture of logistics costs that seem to be rapidly increasing no matter what the underlying situation is.