Annual forecasts from trucking analysts paint a brighter picture for 2025: truck volumes growing by about 1.6% and for-hire rates continuing to improve. But some political uncertainty could create headwinds.
Strong consumer demand, declining interest rates, adjustments in capacity, and improved utilization have offered a slightly improved freight environment.
The cost of hauling goods from major US seaport markets jumped significantly toward the end of 2024, with outbound truckload spot rates that rose in a normal seasonal pattern getting an additional boost from a potential strike at ports along the East and Gulf coasts.
Large supplies and moderate to weaker demand continued to put pressure on hay markets.
“The macroeconomy looks good,” one economist said. “But at the same time, we do see policy shocks.”
US truckload spot rates exceeded seasonal expectations toward the end of 2024 as capacity contracted amid holiday demand. But the increase in transactional rates hasn’t translated so far into larger gains in contract pricing early in the new year.
Hollywood in the 70s glorified the trucker with films like Convoy and Smokey and the Bandit. The films dramatized the lifestyle of a traditional trucker – the epitome of which has changed dramatically since the release of the smartphone at the turn of the century and later with the ELD mandate.
In the most recent monthly report from Federal Motor Carrier Safety Administration's Drug & Alcohol Clearinghouse, something historic happened -- the number of drivers in "prohibited" status actually declined.
Negotiations between representatives of the International Longshoremen’s Association and the USMX port ownership group to prevent a potential strike at ports along the East and Gulf coasts are set resume on Tuesday.
ITS Logistics has released the November ITS Supply Chain Report which shows that the U.S. economy displayed resilience amidst a transitioning monetary policy and external disruptions but faced ongoing challenges in housing affordability, labor market cooling and inflationary stickiness.