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The U.S. economy was rocked today by shocking numbers of 3.3 million people filing unemployment claims for the first time, but the worst is still to come for trucking.
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Used Class 8 truck sales improved 4% month-over-month in January, but sales were down 1% year-over-year compared to January 2019.
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Bob Dieli, an economist with aftermarket research firm MacKay and Company, identifies these as economic boom times. But good things don’t last forever.
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During a panel discussion during Heavy Duty Aftermarket Dialogue, trucking experts recognized that aftermarket businesses must continue to adapt to changing economic conditions and market forces alike.
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For the third time this year, the economy seems to be doing better than trucking markets.
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Citing a brutal October and November, ACT Research warns that 2020 will be much tougher for both medium- and heavy-duty truck sales.
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The new year will be a tough one for the trucking industry, according to Steve Tam, vice president of research for ACT Research.
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ACT Research said North American used truck sales volumes fell 35% in November.
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Although a recession is unlikely next year, ACT Research said uncertainty regarding the economy in the latter half of 2019 will detrimentally affect medium- and heavy-duty truck markets next year.
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FTR and ACT Research report that preliminary trailer orders fell significantly in November as fleets become more cautious about freight conditions in 2020.
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