Is This the End of the Freight Market's Longest Recession? - Recovery Timeline Revealed!
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- Опубликовано: 7 июл 2024
- Is this the end of the trucking industry's longest recession? This video dives into recent data and expert forecasts from FreightWaves to explore the potential recovery timeline for the freight market.
The trucking industry has been wrestling with a brutal downturn, even worse than the post-COVID boom. But there are signs of hope! We'll analyze key data points like the outbound tender rejection rate and contracted load volume increases to see if the market is starting to balance out.
FreightWaves, a trusted source in the trucking industry, predicted this recession and now sees signs of recovery. We'll explore their insights alongside economic growth forecasts to paint a clearer picture of the future.
While a public recovery timeline exists, this video provides a clear breakdown of the data and expert predictions. Watch now to gain valuable information about the evolving freight market landscape and prepare for the road ahead.
FreightWave Story: www.freightwaves.com/news/the...
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Good Evening, Excellent video, here are my two cents on trucking and what to expect. I've been in this business since 96' and seen many things not everything of course. I have read a few comments and I would caution anyone who's thinking about going out and buying a truck, here's why.
Impending Regulations
- Speed Limiters, the announcement will come next month (May) according to FMCSA
- This will have drastic affects on owner operators and ALL drivers, why?
- When I started in this industry my top speed in the cabover was 59 mph, most speed limits were 55-65, with 65 not being the norm and 55-60 was the norm.
- I know people will say, "I am governed now it doesn't hurt me. I understand you sentiments however, when everyone has to go the same speed limit it will rock your world and not in a good way.
- We have too many trucks on the road nowadays and to govern all these trucks out here will be catastrophic to many, you think this job is dangerous now, you haven't seen anything yet.
- Most ALL drivers used CB's back in the day and so when we were stacked up for 4 miles going through Ohio (Ohio didn't mess around, depending on the trooper, they may pop you for 59 mph back then.) My point is we all used the CB if there was an issue up front drivers did their job and let everyone know. Sure it was horrible, it was an accordion effect all day for 245 miles.
- We will see many more truck wrecks, lots of rear-end collisions due to lack of CB use by the modern era truck driver and let's face it, too many drivers watching RUclips or on their phones. This will be the most egregious law/rule ever put in place and will have real consequences to not only professional drivers, but the general motoring public.
- Lastly, this will be income reducer for most owner operators, why?
- The term used in our industry regarding transit times is VELOCITY, If you currently drive let's say 70mph and you go into your back office and look at your average speed you will see that your averages are more like 50-55 mph for the year.
- The problem will arise from delays at the shipper/receiver and if you like pounding out the miles you must be cognizant of many factors if they govern all the trucks, what are they?
- Terrain, the mountains will really have an impact much more, significant more if they govern all these trucks than the mountains currently have. Shipper and receiver delays will also be a curse and of course they will expect the driver to use the SPLIT berth rules etc...that only benefit the brokers, dispatchers and shippers and receivers, why?
- You book a look hopefully based on time not RPM, so if you are delayed and can now only average 55 mph actual transit time and not just looking at averages, it will have a tremendous impact on your NET revenue per week.
The Current State Of Trucking
- Most drivers I would say 80% of us are working for 1990's wages, many of us made anywhere form 60-80k back in the 90's
- Why would you risk your life, leave your family and risk going to jail just by doing your job because a four wheeler decided to do something stupid, and do it for 80k/yr in 2024? This doesn't make sense to me at all whatsoever.
In Closing My Personal Observations
- The ELD was supposed to be the speed limiter, that didn't work as that thought it would
- The ELD was the answer to safety, "there's data that proves the ELD is not the answer to safety."
If you want to CONTROL someone's life, their income, their family, what they buy, how they buy it how do you do it? You accomplish this by CONTROLLING their income and how they make it and ultimately put a ceiling on the income potential so the minions stay minions.
The pandemic affect where truck drivers were making more than an executive will NEVER happen again and they are ensuring this will never happen again. The current wages in trucking are and should be criminal, everyone knows that diesel and the supporting business supporting trucking have increased their goods like, tires etc etc.....meanwhile trucking rates have went the opposite way which is obviously wrong.
So you tell me, is it about SAFETY? I say in the NAME of safety you shouldn't take any loads if the loads will not only support you and your family but your equipment. There's no way that all these trucks out here are DOT compliant, how could they be given the current state of our industry.
Just think about that for a moment, and then they weaponize the officials at the local scales to not only pull us over but in the name of safety give you a citation, not to mention may even shut you down and not be able to earn any income until the truck is so-called DOT safe.
Time to get tough drivers, they are getting away with everything because we allow it, just think DOT week is only weeks away, how many will they ultimately put out of business in the name of safety.
Really DOT safety, if it was truly about safety then we should comply and not haul any loads until the rates support SAFETY.
No who wants to buy a truck....Lmao...just trying to help guys/gals
Stay safe.
2 cents? That’s a whole 10 dollars worth of opinions
If we had a Milei for a President, you wouldn't have any Revenuers sitting paid for no Production but just to Take at the Interstate Tax Stations, and 'Weight' would be something that was automatically measured at the Dock and on the onus of the Shipper!
I work with one of the largest carriers in the world, still not seeing or hearing of any impending upticks in consumer demand...
Starbucks, Mcdonalds, Target, Walmart, Home Depot & Lowes, and the UoM Consumer Sentiment says it's all going the other way.
I think you're being optimistic and blowing smoke
No its not, summer is coming and fuel always goes up.
TRUCKING BUSINESS IS GOING DOWN DAY BY DAY
The only way that’s going to happen is if Trump is elected if Biden stays in its devastation sell your truck, it’s over
Absolutely right
Recovery is not going to happen until company drivers will realize that they are being used as a sucker. And, will not work for the lower than market standard economical wage of at least $40 per hour, overtime after 8 per day or 40 per week. Plus, at least 10% non matching retirement contributions. Until this happens, company drivers will be treated like slaves and financials idiots that they are. Prove me wrong.
Lol, most of these guys cant even read $40 an hour for a guy that woildnt be able to find a job if it wasnt for trucking ? Get real they cant even check their oil level
@@nrwdope7047 whose fault is it that these individuals are even licensed?
Made $122k as a company driver last year.
There shouldn't be any overweight people if the market is this bad 😮💨😮💨😮💨
I’m sorry, but your forecast based on the Atlanta FED “forecasted” numbers are wrong. How can industry recover without freight demand, available supply isn’t moving. Don’t forget the diesel prices- SKY High↗️
What I want to know is if the incoming Business Cycle Recession this year either will exacerbate or cause a turn in the endless 'Freight Recession' ???
finally some real miles!!!
Time to get a truck and start pulling again, sold my other truck 26 months ago when rates started to fall and im surprised it took this long to start coming back,
Its not, he is wrong, not to mention fuel only goes up in the summer so even more loss coming.
This guy is clueless. Fuel is gonna jump with the Mediterranean Sea issue our oil comes from there gas prices in the North East has hit the price of diesel... Crazy
I just decided to park my truck and spend time with my kids and family and as much as i still love trucking it’s not worth it despite my truck being paid off. Too much bs to deal with so i rather spend time with my kids and family. Time is money.
Trucking is facing a new crisis. Shippers are demanding cheaper rates that large/medium carriers can't provide??? With many carriers already closing down and O/O's turning in their authorities en mass , how can the rest compete??
"Competition is a sin."
People that don't understand what a consumer is and consumers mostly have no choice because we all have to eat drink and use paper products or plastics or metals we font have a choice we use these things no matter what and if it's only one carrier left the loads still wouldn't pay because we have the homeless migrants driving our loads so they will work gor food
🤨 Even JB Hunt is reporting losses because of freight prices. What the f*** are you talking about man?
Heartland also
It's bussiness. If everybody is accepting low freight rate then broker and shipper will give that low rates. It's advantage for their bussiness but killing trucking buss
If freight improves you will se Canada and Mexico sending more trucks over. You can thank obummer for that
We will inflat our way out of debt
No recovery till money reset. Rents to high
There's no money in trucking😂😂super trucker says
You havnt seen nothing yet folks 1929 × 10 look at what gold and silver. Look at cargo shipping down 20 percent last month.
I think every year few quarters they repeat the same thing lol
That reefer flower ten drop load was trash
As long as the FED is focused on inflation I don’t see things getting better until they shift their focus to full employment. Rate cuts will be the first sign of things getting better.
For the people out of work they will get sec 8 UBI and food stamps
Bull
Miranda with trucking made successful channel lost her marbles
Stay in the game long enough and you face difficulties. There is no escape from ups and downs. If you keep your cool be happy it’s not a common quality ✌🏼