US trucking screeches to a halt amid fears of recession crash

Los Angeles — Craig Fuller monitors millions of transactions between US truckers and their customers as CEO of transportation data company FreightWaves — and he does not like what he is seeing.

Meanwhile, investors and financial analysts worry what will happen if the trucking slump deepens and spreads. The spot rate deterioration hit when diesel prices were roughly doubling, battering the take-home pay of truckers like Marco Padilla. While spot rates remained 37c per mile above what they were during the last bull market for trucking in April 2018, they fell 6c year on year earlier in April — marking the first such reversal of the current cycle.

At one point the truckload spot market was handling more than 1-million loads a day, versus its historical average of about 400,000, said Brent Hutto, chief relationship officer at TruckStop, which — like DAT — matches truckers with spot market loads. Big trucking firms like JB Hunt Transport Services and Knight-Swift Transportation Holdings are somewhat insulated by their one-year, fixed-price contracts with companies ranging from Walmart and Home Depot to Procter & Gamble. Walmart and many other companies have in-house trucking while also employing outside firms.

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