In our June 2020 forecast update, we predicted that once the country fully recovers from the COVID-19 pandemic, spot rates will soar along with the amount of freight to be deprioritized out of a capacity shortage.
In the past weeks, we’ve been seeing changes in GDP, Jobless Claims, Employment, Personal Income & Consumption, Manufacturing Activity, Class 8 Truck Orders, Logistics Managers Index (LMI) and Spot Market Dynamics. The corresponding data is showing, our initial prediction was pretty accurate.
So, what’s next? We see the answer hinging on three primary themes that will drive the freight market throughout the remainder of 2020: rising driver turnover, diminishing truckload capacity, and overwhelming load volumes.
“Each of these three themes will greatly influence trucking rates over the next four to six quarters,” said Eric Fuller, President and CEO. “It’s becoming increasingly clear that high tide conditions will persist for a long while, so shippers and carriers will have to plan – and act – accordingly. “
Our September Forecast gives all the details about continuously changing market factors and why we think there’s a bright future for the trucking industry. Take a look:
Now, as shippers, carriers, and drivers, let’s all keep moving forward, building the future of our industry and our country.