Trucking demand is “near freight recession levels,” according to Bank of America. Shippers’ outlook on rates, capacity and inventory levels are matching attitudes not seen since May and June 2020, when pandemic lockdowns sent freight volumes into a historic decline.
As FreightWaves reports, in a Friday note to investors, Ken Hoexter (available to Zero Hedge professional subscribers), the managing director of Bank of America’s trucking research, wrote that shippers’ view of demand is down 23% year-over-year. The proprietary Truckload Demand Indicator hit 58 — the lowest since June 2020.
Hoexter said the shippers’ view of rates have “melt(ed) down,” hitting a low not seen since May 2020. Bank of America’s survey represented views from 44 shippers in industries including retail, consumer goods and manufacturing.
Meanwhile, these shippers are finding it easy to find capacity to move their loads; outlook on capacity hit its highest level since June 2020. They also noted their view on inventory levels had climbed to its highest point since May 2020.
You can’t ship what you don’t have.
This article is conflicting to what I read about the truck driver shortage. Many companies are paying thousands in sign on bonuses and guaranteeing near 100K / year
This bank in Salisbury must be Laundering $$$ for all the Riff -Raff that comes in who they serve !!!!
Police should take Notice !