- At a truck stop in Ridgefield, New Jersey, driver Paul Richards reviews a notebook where he tracks miles driven and what he is hauling. His paycheck is down about 25 percent from the same period a year ago, and his weekly miles have dropped as well.
Across the United States, drivers, regional operators and industry officials say the $700 billion U.S. trucking sector slipped in late 2018, with the fall continuing into this year. While the decline in freight rates and hauling does not suggest the United States is headed into a recession, that softness is consistent with slippage in the economy as a whole.
An ACT Research index of truck carrier volumes that surveys about 60 fleets crossed into negative territory in November for the first time since July 2016. It briefly returned to positive territory in January but dipped again in February. It matches forecasts for a soft first quarter for U.S. gross domestic product, which is expected to come in at 1.8 percent growth, according to Reuters polling.
Shipments in the Midwestern and Southeastern United States have been hit harder than other regions, according to Bobby Holland, vice president and director of Minneapolis-based U.S. Bank Freight Data Solutions. In the Midwest, export tariffs on crops have hurt agricultural sales, and auto production is also moderating, he said.
Northeast shipments were strong last year, U.S. Bank said, but state officials in Maine, Connecticut and Rhode Island all told Reuters that early 2019 has been weaker. “The truckload freight environment has been weaker this year from late January through mid-March,” CEO David Parker said in a statement last month. Covenant shares are down more than 20 percent in the last six months.
StephanieKellyM JessicaRAult Drivers must not be too happy looking into their crystal ball. Self-driving will surely impact them soon.
StephanieKellyM JessicaRAult
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