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As the COVID-19 vaccine helps return life to normal later in the year, the effect on trucking freight and rates will vary as consumer spending is expected to shift back toward services. That’s one takeaway from the transportation analysts at FTR in a recent webinar, “Preparing for 2021.”
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The huge increases in freight volume since the economic contraction are slowing, but the trucking industry still looks to see a strong 2021 in terms of both demand and rates.
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With a severe driver shortage and a supply chain still in chaos from pandemic-induced shifts in consumer behavior, one industry observer is warning of likely hoarding as we get into the holidays. Longer term, vaccine distribution is “THE driver” for broader economy recovery and the post-2021 outlook.
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Pent-up consumer demand from COVID-19 shutdowns continues to buoy spot freight rates, but a still-weak manufacturing sector has experts at FTR cautioning that things could turn downward again.
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The Federal Motor Carrier Safety Administration is asking for public comment on a proposal backed by owner-operator/small-fleet groups to address the transparency of broker rates.
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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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Spot market freight levels were down for the Independence Day holiday week, but rates were up, according to DAT and Truckstop.com, two major services tracking spot market data.
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With all 50 states relaxing COVID-19 shutdown orders to various extents, trucking shipments and rates are heading back up – but don't expect a true recovery until 2021.
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How will reopening impact truckload demand and freight rates in the near future? What will freight rates look like in the next six to 12 months? This video from Convoy explores those questions.
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Freight rates on the spot market in April plunged to five-year lows, thanks to plummeting demand caused by the COVID-19 pandemic. It's so bad, owner-operators have been protesting all over the country, calling for more broker regulation. But is it really a broker problem? Or classic supply and demand?
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