“This is Bad” - US Freight Industry is Hurting as Consumers Spending Slows Down
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- Опубликовано: 20 апр 2024
- The US freight industry grapples with intensified challenges as profits plummet and revenue dwindles, mirroring decreased consumer demand. The downturn signals a freight recession, underscoring insufficient demand and its impact on trucking activity.
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As a new truck driver, we get run off the job for not wanting to be surveilled by cab facing cameras very often. I'd rather let America starve and freeze than lose my dignity and morals.
I’m an owner and operator, current rates, fuel prices, insurance premiums etc are eating away our earnings. Thanks for bringing this up Valuetainment, we are in recession and we are in need of a better economy and government leaders. Keep up the good work.
Agreed
We won't have much savings left if this keeps going for one more qt.
I am also a owneroperator pulling flatbed and the rates are basically just giving me fuel and a few dollars rates are going for 2$ to 230$ per mile not normal at all for flatbed and the fuel is ridiculous high
Have you thought about driving for city transit agencies the rate we’re I work is$ 37.46 per hour….take care.
Lowering fuel will help greatly. I’m an Uber driver.
I'm a truck driver an owner/operator small business, just 1 truck at this time. Adam you are completely lickin nuts on this issue. You aren't even close. "It all happens at the rest areas"? That's where us real truck drivers go to avoid "where it all happens" it's a shame this nonsense is your 2 cents!
Billionaire wealth has tripled since 2020. But let's not talk about that.
How dare you criticize the rich on PBD's channel!
@@ricomajestic My favorite was when he thought the average 40 year old makes 100 grand a year
Well the thing about money is it has momentum.
Money makes money.
So there is no way the rich weren't going to get richer if money is distributed.
Do you blame Biden for that? Currently we are using Trump tax cuts for the rich.
@@user-je8fz3oh3k it's bipartisan
My son works for a major US carrier and things have been slow for about a year. If freight is slow it means the stores are not stocking merchandise
Yes. Stores are slow because almost nobody has disposable income these days. My company cut costs by closing 2 stores and a warehouse to offer lower prices than their competitors. Stores that cut their costs/losses are surviving. But companies in my industry that didn’t close any stores or let go of some people due to less demand and thus less work, have been going bankrupt all-together 💀
A lot of stores are closing so there is less need
I work for one of the biggest 3PL logistic companies in the world and we have laid off over 30% of our company in the last 2 years
ch?
@@terryhamilton2.0
Cheap Haulin' Robbing Sons of Bitches
There is Palestinian Jews Muslims and Christian’s The crusades throughout centuries have influenced the true peoples culture language and religion … the polish Netanyahus ( not his real last name ) Are invading terrorist Fun fact: Did you know Palestinian music have adopted Scottish bagpipes that is very influential in Palestinian music Because Palestinians where there when they came to visit And was welcomed and loved the same way Europeans whom adopted Judaism was welcomed and loved when they were persecuted in Europe and floating on British vessels with no where to go God bless Palestine 🇵🇸 The world knows The world is with true people of Canaan
clearly didn't matter since we grew at like 5% a couple quarters ago
Not sure why people are liking your post. That sucks, how much does it cost for import (20ft or 40ft containers)?
Adam doesn't belong on the panel.
No, he never has belonged.
vinny is worse sometimes
I say keep him on so he can make a fool out of himself He’s clueless
Grey suit?
Obama voter.
I saw a truck with a bumper sticker that said, “if you want less trucks on the road, quit buying more shit!” I guess people are taking that seriously.😂
No. They are stop buying shit cause shit is costing way to damn much. But since so many companies are monopolies in the US they donot care.
In these uncertain times, it's more important than ever to have a solid understanding of how to manage your finances, invest wisely and navigate economic downturns. But my primary concern is how to grow my reserve of $240k which has been sitting duck since forever with zero to no gains, sure I'm all in on the long term game, but with my savings are lying waste to inflation and my portfolio losing gains everyday, I need a remedy.
If you need advice, consider speaking with a financial advisor. Don't get me wrong, you can do it on your own, but financial advisors have a lot more knowledge and expertise in this area.
you are completely right, Advisors have information and paths that are not disclosed to the public.. I profited £560k in 2022 under the tutelage of my Fiduciary-counselor. Am I selling? Absolutely not.. I am going to sit back and observe how this all plays out.
That's impressive! I could really use the expertise of this manager for my dwindling portfolio. Who’s the professional guiding you?
I checked Melissa up out of curiosity and i must say i am impressed by her Credentials. i emailed her already, waiting on her response.
Adam and the other guy need to be quiet most of the time. Adam is making fun of people in that industry. He has no idea what he’s talking about. He lives in such a bubble and can’t imagine anything outside of that little bubble….thank you, Pat for providing information and stopping those 2 doofuses from talking more
Adam, like Cuomo, adds nothing of value
This****
I have a crystal ball, and can tell you accurately what will be the nyt headline tomorrow. "Why having less options as a consumer, and higher prices, makes your life better."
Dang. That is freakin’ true. We are living in a Weimar Republic.
My son is a long haul flatbed driver. Too many rules , never home., crappy food. He told me 80% of truck drivers quit in the first year.
I'm afraid of stuff flying out of the bed of my pickup, Respect to flatbedders.
😂 @@stoundingresults
Food is not terrible, especially if you’re making your own food and I am a otr truck driver that meal prepsand works out driving trucks is what you make of it
The average life span of a driver is 6-9 years, then they leave.
Small businesses are closing doors, can’t make rent or payroll, but everything is fine. Freight recession happens 3-6 months AFTER real recession started, then 2 quarters AFTER recession is announced, it too late. We’re in the middle of a recession now, you’ll not hear about it till December.
The Adam Metaphor: a metaphor that starts off unrelated to the current topic and goes no where to the point you question if it is a comedy bit or just rambling for the sake of rambling…
The best is when Adam actually lands a zinger and everyone pats him on the head with compliments. "Who's a good boy?!"
He's highly regarded
Word on the street is that PBD is a plant
As a trucker and he industry has been hurting for drivers for a long time. But owner ops are really dropping. The only way to make money in trucking these days for a lot of people. Is to be a company driver. And I’ve been driving since 2017 on and off and I’ve never seen as many immigrant drivers as I have the past few years.
that should end well...
I run for crete and still pulling down .70 per mile
I am one of those immigrant drivers you see, I am making more money than ever before, but you see I am not crying baby like you, I don't bitch about nothing, I make it happen, Americans complaining about immigrants are so pathetic, I just got here a few years ago and doing better than you, you bitch about people that just got here while you family is been in this country for generations and you still a nobody
That’s what happens when you’re speeding down the highway hustling. I’ve never seen a group work themselves out of a job until I become a Truck Driver. All of that speeding, carrying too much weight, breaking HOS rules adds up. If I can get someone to get the work done faster, I can have less Drivers and I don’t need to pay much.
@@matthewm9261the immagrants drivers they are hiring is fucking up American truck drivers pay! It should be a law against it!
Problem is new trucks now don’t cost $150k, more like $200k for a cookie cutter spec. Reefer trailers cost well over $100k
Facts, but the point is the same..
If you spend $150,000 or $200,000 you aren't making that return on investment right now.
In one year though, if there is a recession before then, everyone will be buying up trucks again because of stimulus checks!
Well if you look at the electric truck is at 500k. Have fun with that.
@FengG0😂$35k here and used 2022 f150 still has a $74k sticker
They’re talking about semi trucks not some f150 🤦♂️
@@dinosaursivac3511lol
Panel: Truckers are hurting
4 minutes later: Truckers love those truck stops, bo...
These guys really care and would never look down on you 😂
It doesn't help that during COVID era companies were buying equipment at an all-time high cost and startups thinking they could jump in with all the freight, did too. Only to realize it was short-lived until early to mid 2023 when the tables turned in favor of shippers, specific to freight costs. Now we have companies folding left and right in both LTL and FTL.
#facts!
That's onee of the biggest problems people outside the industry don't know.
Too many newcomers who think trucking is a good buisness.
If you don't know what you are doing though trucking can drive you broke!
Quickly!!
No one can afford anything with the current person in office. 🤷♂️
Poor mentality
Bullshit
Democrats need to vote republican in November. This country cannot take four more years of Bidenomics and open borders.
No. Maga cult
It's not just this one person....ITS ALL GOVERNMENT.....REPUBLICANS...DEMOCRATS SPEND TO MUCH MONEY!....PERIOD
Freight sector is struggling, is a sign that we are on a recession
Why does Adam giggle and blush every time Pat says "Picking up loads" ?
It's all by design.
yup
Why you think so
I’m in the trucking industry and we are getting our ass kicked right now
We rolling
In the last year, I worked for the following:
1. Southeastern Freight
2. Yellow Trucking
3. SAIA
4. UPS
5. Ryder/GM
The economy sucks!!!
Your track record poor.
ur prolly tha problem bro....jus sayn lol
I work in Heavy Truck Sales and Repos are taking over out lots. People want out of their trucks because they are starving to death. Fuel is way too high and freight rates are so low it’s not worth picking up.
The brokers are robing the truck drivers for example the broker will say the operation cost is 10,000 but will pay the driver less than a 1000 the brokers are making the money and they take no risk only the drivers are! They should be a civil law suit out on the broker truck companies!
Lost my job in July of 23. Burned through all of my emergency savings. Took me about 9 months to find a job at the same pay rate. Completely broke at the moment (except for home equity and Roth IRA, which I refuse to touch). This economy is totally fucked, especially when it takes 9 months to find a job. Who really has the savings to go that long without stable employment? If it wasn’t for assistance from my close family, I wouldn’t have made it through.
😂does Adam ever re-watch the show, he's say same shit every show
Hurts hearing Adam speak
always does
I lose brain cells when he talks
dude is a playa.
"The Federal Reserve System is not Federal; it has no reserves, and is not even a system at all. But rather an international criminal syndicate."- Eustace Mullins.
Trump In office ,10.000-12.000 gross ,check 4.100-7.000 ,Biden in office ,3 weeks on the road ,total gross 20.000,total profit 3.500 after everything!
Rly?
The brokers are robbing the truck drivers! They makin all
The money and lying to the truck driver by paying them way less than 1/4 of the load! Their should be a civil law suit against these trucks broker companies for example TQL
I'm in my 60s, college degrees, can't even get a part time job. Savings tapped, credit cards maxed. Looking seriously at bk.
You might be able to get an easy Security job
@@I_Died_2_Weeks_Ago Nope, but thanks
You are fired Adam
Personal Finance Adam speaks.
😆
The Russians and Ukrainians coming here are driving trucks. Hundreds of thousands of them the past year alone.
I have a Serb family member who started a company a few years ago. Has almost ten trucks now
Just have PBD, Tom, and a guest.
I was talking to my friend, a trucker for twenty years two days ago about getting into trucking and he said this is the absolute best time to get in. Truck prices have fallen by 70% and he believes this is the bottom of the cycle, loads are starting to pick back up and pay more. Like any market cycles they go up and down you just have to have decent timing.
I work for the largest LTL carrier as a driver and I can tell you this is the slowest we have been in 15 years. Right now usually is the busiest time a year for us.
We rolling in Louisiana
Yeah same here
We're on our way down right now and it's picking up speed.
That was the whole point of what the FED did. Increase rates to lower CONSUMER SPENDING to LOWER INFLATION. That is one of the biggest ways to fight very high inflation.
I’m a sunglasses retailer around south east almost 13 years . I have locations in Lenox mall and many more
I have never seen this bad . I’m losing money some of my locations during the sunglasses season . Scary
We can’t afford shit.
We suffering im at small carrier we fired half the fleet sold the equipment and were all doing everything we can to save money and working max hours to make 35% less with high diesel prices and insane maintenance cost.. pray for us please 🇺🇸
There is not, nor as there ever been, nor could there ever possibly be, a truck driver shortage. The American Trucking Associations (ATA) is a bobby that petitions the government on behalf of their members (trucking companies) to subsidize truck driver training using taxpayer money. This has flooded the market with capacity, driving rates down.
Consumers are not dumb anymore buying crap they do not need! 😂
Way too many people in this world these days that are not in need 🤷♂️
I’ve been driving for 14 years it’s been a fight all those years good or bad up or down you have to hustle. Most people have no idea what it’s like to constantly stay moving and fight everything that comes our way. God willing we will keep trucking and make it I’m specialized in oversized and trying to grow and learn. My tip to others do the same if you want to make it. Learn to haul everything. General freight is crap. Brokers are crooks taking all the profits and giving us scraps. It shouldn’t be so. It’s a hunt to find the good ones that know what you go through and take care of you. God bless my fellow drivers if we don’t keep this country moving together.
I work in the office of a major US truck load carrier as operations personnel... I don't expect to be working here in June.
I’m lucky to be with one of the better trucking companies so I’m not feeling the pain. I feel bad for the little guy with 50 trucks trying to compete with the company across the street that has 6,000. This is a tough time for him or her. Personally I don’t see things turning back up for some time. Maybe a miracle can happen but I just don’t know what that would be. We could use one about now
Consumer spending is NOT slowing down. GDP is way up, and unemployment record lows. If anything it’s the opposite other wise inflation would be coming down. Inflation is literaly when too much cash is exchanging hands too quickly which causes upward price pressure and the CPI monthly has shown that. In fact consumer spending is so high that even high interest rates can’t even slow it down.
you are quoting propaganda that was intended to brainwash you. wake up. price gouging is simply that. the dream is over. time to wake up.
The biggest problem with the American trucking industry is government overreach .
dispatcher here with 12 years in the industry I saw the freight recession during obama and it was never this bad. While yes loads weren't paying the overhead cost aside from fuel was reasonable. The difference now is during covid everything went up in price things like insurance, truck parts, mechanics just to name a few and now that the rates are back down none of the things have come down in price so even if you work your ass off have a good couple months the expenses are draining everyone. Thats the part ppl outside the industry don't understand yes rates are slighty higher than there were pre pandemic but the cost of everything to run the truck is so much higher. What was a 200 tire is now 350+, a good mechanic would run you 80 an hour now that's 120-150 an hour its unsustainable.
Not only is there a decline in freight demand, but there are too many trucks in comparison. Therefore, the shippers have the upper hand in negotiating freight prices. The situation will improve for truckers when two things happen: either the demand increases or until enough trucking companies file for bankruptcy to level the playing field.
I’m a 10yr local JB Hunt Truck Driver running in the intermodal division. Freight has been extremely low for the last 2 years. Company has cut pay significantly and expectations have risen sharply; add to it the level of inflation. My pay has been cut by a $1000 dollars a month. We are struggling!
Biden loves truckers. He will help you! He a good president unlike Trump.
Just last week I was stuck in Illinois for 3 days, because there were no loads on the board.
What they should be talking about is if things are slow which means the FED did exactly want it wanted to do. Stop people from spending to much to lower inflation. The worse part is since people are buying less these companies are STILL RAISING PRICES. All this inflation is due to CORPORATE GREED. What we need now is the government to do their job and go after these monopolies. The government is currently suing Amazon. That is a start.
But according to government data the economy is super strong!
In my area Saia transport just raised the rates 30%. We canceled all shipments with Saia.
It’s kind of a mix of things in the trucking industry. PPP loans along with everyone else getting free money screwed everything up. Caused trucks to become crazy overvalued. Now with crazy fuel prices and low freight volumes everyone is on a race to the bottom
Thanks DEI and AFFIRMATIVE ACTION
What's DEI and affirmative action have to do with this?
@@chriskey7440 it’s about people being put into position they aren’t qualified for. All this is a trickle down effect of bad management throughout or whole economy.
I was saying this over a year ago. Been in trucking over 33 years when trucking slows the rest of the country is 6 months behind. Over 2000 company drivers lost there jobs in the last 2 weeks because the company went under. Just think of the ones we don't know about. As a o/o I am doing well but I built a team around my business. I take the good the bad and the ugly as long as it pays. As long as I can make a paycheck and a profit I will hual it.
More great informative content from Adam.
I’m a truck driver. I can’t even afford 2000$ in bills every month
I work as an underwriter for a national commercial trucking insurance company. We are NOT slowing down. New business is at an all time high. The company I work for made over $1B last year in premiums
... because your company raised those premiums significantly ... am I right?
Biden did that..
Pawn shops are booming now, everyone is broke
If freight is slow, it's because the distribution centers are backed up with products, so companies/ retailers are not creating new orders. Therefore, no one is spending money
Don't worry! Mayor Pete will fix this!
The freight market was strong for far too long, so capacity increased. A simple correction in the market would look a lot worse in these conditions than it normally would.
With mfrs making robots at an alarming rate, and UVs looking to take over shipping, what are the Humans supposed to do for income, sell organs they don't need?
Rail and truck are and will continue to be the most efficient methods to transport goods on land.
Wife and I make nearly $200k a year. Walked into Sprouts yesterday and they wanted $10.99 a lb for chicken salad at the deli....walked out....keep it.
I am a truck driver. This blood bath has been going on for well over a year.
Just wait until the self driving trucks arrive
Not going 2 happen
@marcoAKAjoe you'll be surprised in 20 years from now
Bidenomics is kicking our asses!
honest question how did biden cause this ?
@@promx96 War against oil. Diesel cost so much and it is what is used to move every piece of freight in the country. From ships, to equipment to trucks delivering it. Diesel is $5 a galloon in Washington state. Spending over $400 in diesel everyday the truck is out not including any maintenance or $6600 for 8 tires I just had installed today.
There are reasons but that one is near the top
@@promx96 ummmmm DUH!!!!!
When load rates were $3.29 per mile and now they average it’s 1.67 a mile and your insurance it’s 1400 to 1700 a month depending on what state fuel prices average from 3.29 to 4.49 per gallon and wether you have a truck payment or not .. Dunno if it’s on the broker side that the rates are low or they are keeping 70 to 80 percent, who knows but it’s getting scary for us small owner operators I handle drayage and it’s the only logistics that’s been floating in a thin line but our rates are dropping as well ..
I am part of the 10 percent of women in trucking this I not an easy job. I appreciate you recognizing and reporting on the topic of the freight industry
I knew when pandemic hit and all the prices went through the roof that it would not come down, why would it if their making more money, they are doing it to themselves, drop the prices where they belong and we would buy more...it seems that simple to me...but what do I know, i just know everything cost way to much these days...
Firefighter: whoa what happened here
Trucker: idk, people arent spending like they used to.
Paying a driver, fuel, maintenance and insurance is putting truckers out of business too. It cost me 700.00 just to run a dump truck.
Tulsi gabbard is trilateral commison and wef backed.... nuff said.
Damn. There has to be some sort of way for us to increase customer spending
Yeah stop giving Ukrainians and Israel money and give each American a million each still wouldn't match the billions ready to give to these countries. America first.
Im not buying anything for a year challange atm, no clothing, sneakers, nothing. Tryin to wear holes before i spend a dime.
Pat and Tom do a great job the other two? Not so much! 😂🤣
the way that dude talked about truckers … he prolly don’t wanna run into one anythime soon
Adam is just a little kid that wants to honk the Horn. They grow out of it.
Freight brokers need to be capped at 5% of all loads.
I’m a truck driver, i get destroyed by this economy, and i need a side job to make my payments
Let the bleeding continue, let those who got into trucking because of the hype leave the industry.
Q
When you keep jacking up prices on the poor and middle class. Sales suffer. Businesses close.
Lack of demand = lack of 🚚 full loads.
Recession and depression follow as its spiraling downward.
Logistics
Household demand
Business demand
Jobs
Q❤
JB Hunt should try putting their trucks on the train as well along with their drivers 🤣 save more fuel
Very true! When Obama was in Power and Biden now travelling to California you would only see a few trucks on 10. Whew Trump was in Power Trucks and trucks on the road like it never ended. You tell how the economy is by looking at the major freeways.
Yeah, Obama left behind a good economy for Trump, and American spending was great while Obama was in office. Also, Obama was left a TRAIN WRECK of an economy when he took over in 2008! All of today's problems came from COVID and how that drove up today's cost of living. Btw, Trump and Biden made mistakes during COVID.
15 year truck driver here, there is no shortage of drivers. In fact there are way too many yes freight is at a decline, but I think this is going to benefit the industry. Hopefully the company will terminate the class C and class B drivers and just keep the class A Drivers the ones that do most of the work anyway, I’m hopeful that this will be the plan of action for most of these companies ultimately this will be a win-win less trucks to own, and maintain less fuel usage and less insurance due to accidents.
Trucking rates east coast to west coast are cheap. West to east pays ok, but rising diesel is a killer
So banks are lending people money who are only working part-time and are making minimum wage? Where is the evidence for this?
trust me bro
@@grimaffiliations3671 🤣
They aren't now but they were a couple years ago
Last year, i made 25k less than 2022 as a company driver. So yes, we are making less and spending less.
Owner operator here out of CA ! ITS BAD !!!! 6 months from truck and trailer paid off though so I can’t quit ! Gotta wait it out for a new president
I wish a new truck only cost $100k. Trucks prices have gone through the roof, try $200-300k
PBD every long hauler around here in north Alabama I know is either filing chapter 7 or 13 right now 2 of the guys I know have went to work for my father in law at the landfill making 50k less a year. Than when they were hauling
Good.
Adam has NO CLUE about trucking, i pull oversize, and flatbed, stepdeck, he has NO CLUE!!! How insulting to us drivers.....
Bad times equals great opportunity. Stay aware folks. Shout out to the channel, content creates millionaires. Thank you 😊
My small store changed eighteen monts ago. Same dollars but far less junk sales.
Don't haul for cheap rates!!!