The latest numbers from ACT Research’s For-Hire Trucking Index show that the supply and demand balance improved in July. The July index rose to 58 seasonally-adjusted, up from a 54 reading in June.
“Both freight volumes and rates improved in July from June on a seasonally adjusted basis,” said Tim Denoyer, ACT Research’s vice president and senior analyst. “However, capacity growth also picked up, keeping the July supply/demand balance less tight than the 2017/2018 average. We see a gradual balancing taking place as the industry responds to strong demand.”
For the July survey, ACT Research asked fleets about load turndowns and found that results remained the same for most fleets. One respondent said, “We turn down so many loads for lack of capacity it is nearly impossible to keep track, [and] it has been this way for nearly a year now.”
A majority of the fleets surveyed indicated that they intend to buy more trucks within three months, and ACT Research analysts believe the increase is related to a record order cycle in the past year. Over the last 12 months, ACT’s buying index has averaged a strong 58% reading.