Mack’s Jonathan Randall says the foreseeable future looks bright for truck makers, despite some less-than-optimistic economic indicators.
Economic growth and freight rates are expected to remain solid well into 2022, according to transportation analysis firm FTR, but the struggle to find drivers is expected to continue to plague the industry.
“2021 will be a story of contending tailwinds and headwinds,” says U.S. Xpress in a blog post about its 2021 Economic Forecast. See what key trends the truckload carrier's analysts expect this year.
FTR is reporting that its Trucking Conditions Index for October 2020 literally went off the charts to the highest reading the research firm has ever recorded.
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.
Although the economic recovery from the COVID-19 shutdown is definitely not a “V” shape, it’s growing steadily – but don’t expect to be back where we were until mid-2022, said Jeffrey Rosensweig of Emory University.
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.
The global shutdowns caused by the COVID-19 pandemic continue to wreak havoc in economic forecasting.
Pandemic lockdowns are easing and freight levels are increasing, but the COVID-19 virus is still out there, and it may take a while for the economy to recover. What does the future hold for our country’s economy and the trucking industry?
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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