FTR’s Trucking Conditions Index in October improved to a reading of -6.07 from -8.97 in September. Falling diesel prices were primarily responsible for less harsh financial conditions in October, but the market remains difficult for trucking companies, FTR said. FTR’s outlook is for gradual improvement, but TCI readings are forecast to remain negative through 2024.

“The decline in diesel prices represented the only positive contribution to October’s TCI, although rates and cost of capital were less negative factors than they had been in September,” said Avery Vise, FTR’s vice president of trucking. “As we have discussed frequently, the combination of stagnant freight volume and surprisingly resilient capacity is thwarting a near-term turnaround for the truckload sector. Our analysis suggests that market conditions for carriers will not start to recover until the second half of 2024 absent an acceleration in the current rate of capacity loss.”