Trucking industry improves slightly, but recovers across the board
After 27 consecutive months of declines, the average cost of transporting goods by truck is expected to be This month increased by 0.2% year-on-year. The modest growth has some speculating that the trucking recession may be nearing its end. However, many in the industry remain cautious, waiting for more substantial and lasting signs of recovery before being fully optimistic. Also Read: Embracing Inclusion and Diversity to Address the Trucking Industry’s Workforce Shortage Many in the industry are hesitant to declare a full recovery because interest rates remain weak due to excess capacity. The Morgan Stanley Dry Van Freight Index shows that the 2023 average remains well below the 10-year average, with little improvement in 2024 forecasts. This was exacerbated by a 45% year-over-year increase in Class 8 truck orders, which inflated overall trucking capacity. As a result, rates have struggled, with DAT Freight and Analytics reporting that spot rates for dry trucking have fluctuated between $2.01 and $2.20 per mile…
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