Trucking economic data is painting a mixed picture for the industry, reports Today’s Trucking’s Trucknews.com.
Canadian spot market volumes were steady, but spot market rates in the U.S. remained weak – especially for flat-deckers. For-hire truck tonnage, reflecting contract freight, was up for the second straight month but still in freight recession territory.
Trailer orders slowed, as expected, with cancellations on the rise. But ACT Research suggests this can be attributed to dealer inventory management more than declining fleet demand.
U.S. for-hire truck tonnage ticked up 2.1% in June, according to the American Trucking Associations (ATA), on the heels of a 1.2% increase in May.
The increase is welcomed, but still nothing to get overly excited about.
“While the tonnage index increased in both May and June, it remains in recession territory,” said ATA chief economist Bob Costello.
The ATA has issued its annual Trucking Trends report, which highlights trucking’s contribution to the U.S. economy. The industry moved more than 11.4 billion tons of freight in 2022, generating more than US$940 billion.
“While 2022 was a challenging year for trucking in many respects, the industry still posted growth in revenue, tonnage, employment and several other measures,” said Costello. “In addition, by share of freight revenue and tonnage, trucking remained by far the dominant mode of transportation in the country.”
Trucks moved 61.9% of the value of surface trade between the U.S. and Canada.
Canada’s spot market saw little change in June, with truck and load postings both stable, according to the latest data from Loadlink Technologies.
“While equipment availability continues at new highs, load postings show consistent, stable performance entering the summer season,” the company said in a release.
In the U.S., spot market rates fell in the week ending July 14 for the seventh straight week, to the lowest levels seen since August 2020, according to Truckstop and FTR. Dry van rates fell the most since the third week of this year, and are now at their lowest levels since early May.
Falling flatbed rates have been pushing down the average, and they too were down further in the week ending July 14, reaching their lowest levels since January 2021.
Full story here.