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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.
Used Class 8 truck sales improved 4% month-over-month in January, but sales were down 1% year-over-year compared to January 2019.
Bob Dieli, an economist with aftermarket research firm MacKay and Company, identifies these as economic boom times. But good things don’t last forever.
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.
For the third time this year, the economy seems to be doing better than trucking markets.
Citing a brutal October and November, ACT Research warns that 2020 will be much tougher for both medium- and heavy-duty truck sales.
The new year will be a tough one for the trucking industry, according to Steve Tam, vice president of research for ACT Research.
ACT Research said North American used truck sales volumes fell 35% in November.
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.
FTR and ACT Research report that preliminary trailer orders fell significantly in November as fleets become more cautious about freight conditions in 2020.