Trucking news and briefs for Thursday, Oct. 19, 2023:
It’s likely no surprise to owner-operators and fleets that August was not a good month for most in the trucking business.
FTR's TCI reading for August was the worst since the beginning of the pandemic in April 2020.FTR
The firm noted that the index’s reading implies the toughest overall market conditions for carriers since the beginning of the COVID-19 pandemic in April 2020, adding that “surges in fuel prices tend to hurt small operations disproportionately, as they are less likely to benefit from fuel surcharges.”
[Related: If your trucking income's taken a beating this down cycle, you're not alone]
FTR added that while the outlook is for improved conditions, it doesn’t expect the index to turn consistently positive until late 2024.
“Market conditions for trucking companies look solidly negative through the first quarter of next year as we forecast no significant strengthening of capacity utilization or freight rates, and freight demand is stagnant,” said Avery Vise, FTR’s vice president of trucking. “A major question is whether consumer spending will remain as strong as it has been in the face of inflation, higher financing costs, and the resumption of debt service of student loan payments.”
