The 'bloodbath' in America's trucking industry has officially spilled over to the rest of the economy

Aug 16, 2019 at 07:19 AM CST
Truckers have for months been sounding the alarm about a "bloodbath" in their $800 billion industry. This year alone, some 2,500 truck drivers have lost their jobs as trucking companies large and small declare bankruptcy. Major carriers like J.B. Hunt, Knight-Swift, and Schneider have been forced to cut their annual outlooks. A slew of other indicators have underlined turmoil in trucking. Transport research groups reported that the volume of trucks purchased in July fell to its lowest level in nearly 10 years. Rates in the spot market tumbled by 37% this July from July 2018. And the Cass Freight Index says year-over-year trucking volumes have slipped for eight consecutive months.

Aug 16, 2019 at 07:19 AM CST

Truckers have for months been sounding the alarm about a "bloodbath" in their $800 billion industry. This year alone, some 2,500 truck drivers have lost their jobs as trucking companies large and small declare bankruptcy. Major carriers like J.B. Hunt, Knight-Swift, and Schneider have been forced to cut their annual outlooks. A slew of other indicators have underlined turmoil in trucking. Transport research groups reported that the volume of trucks purchased in July fell to its lowest level in nearly 10 years. Rates in the spot market tumbled by 37% this July from July 2018. And the Cass Freight Index says year-over-year trucking volumes have slipped for eight consecutive months.