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According to both ACT Research and FTR, preliminary North American Class 8 net orders for August increased, climbing to 19,500 and 20,500 units, respectively.
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The sudden, devastating economic collapse caused by the COVID-19 pandemic was so unprecedented, that even seasoned economists admit it’s difficult to predict what the recovery will look like.
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After a record low of -28.66 this past April, FTR’s Trucking Conditions Index jumped to a historic high to 11.35 for June, the highest in a decade.
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According to both ACT Research and FTR, preliminary North American Class 8 net orders jumped to around 20,000 units in July. This 27-28% increase effectively doubled the amount of trucks sold in July 2019.
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Looking at the spot market for the third week of July, it's hard to tell where we may be going, with rates and volumes hard to compare to typical seasonal trends due to COVID-19.
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While FTR’s Trucking Conditions Index reading for May made a comeback from a “worst-ever” level in April to a reading of -5.19, it is still not doing well from a historical perspective.
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Improvements in industrial production and housing may help drive a truck freight recovery, but spikes in COVID-19 cases in many parts of the country and questions about what Congress may or may not do leave a lot of uncertainty in the forecast, according to analysts at FTR.
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According to ACT Research, June’s preliminary North American Class 8 net orders rose 139% over May with 16,000 units. Compared to last June, orders were also up by 23%.
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The COVID-19 pandemic continues to affect all aspects of the industry, and while one conference is going virtual, another has decided to move forward with an in-person meeting.
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May orders for Class 8 trucks, while up significantly from the dismal April levels, were still down nearly 40% compared to last year, according to preliminary figures from ACT Research and FTR.
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