Weaker freight rates and volumes caused trucking conditions to deteriorate in February, according to the latest FTR Trucking Conditions Index.
FTR anticipates trucking conditions will remain in negative territory throughout the year and well into 2024.
“The industrial and consumer sectors are sluggish, although spending on goods is still elevated and consumer inflation is slowing. Freight volume is holding up better than many anticipated, but downside risks are substantial. Although fears of a major banking crisis have abated since March, tighter lending standards by banks on top of the Federal Reserve’s interest rate hikes could slow the economy further,” said FTR