Trucking’s economic trajectory is cloudy in coming months, as freight volumes continue to be varied, depending on the sector, American Trucking Associations Chief Economist Bob Costello told fleet executives on Oct. 9.
Some groups, like tank truck and flatbed, are performing well, while other groups, like dry van, are not, Costello said.
Overall freight volumes are rising, but capacity “remains relatively in balance to demand,” he said. The driver shortage remains a looming threat, especially if the economy improves and the GDP increases.
Costello said that the risk of recession or slower growth is more likely. He voiced concern over sharp declines in manufacturing putting a damper on freight volumes in the months ahead.