ACT Research notes a slump in For-Hire Trucking Index

ACT Research notes a slump in For-Hire Trucking Index

The latest release of ACT’s For-Hire Trucking Index, showed volume, productivity, and the supply-demand balance all declined in September. The ACT For-Hire Trucking Index is a monthly survey of for-hire trucking service providers.

Concerning volume, Tim Denoyer, Vice President & Senior Analyst at ACT Research, commented, “It’s getting choppier out there, with more variance between freight data sets. While not comprehensive, our For-Hire Trucking Indexes draw from a strong top-tier community of medium and large fleets with a sharp sense of market conditions and direction. So, we view these results as cautionary leading indicators for the broader market.

“Like clockwork, six months after the market balance turned loose, rates have turned down broadly as contracts are re-priced,” he continued. “Downward pressure on freight demand related to inflation and interest rates, coupled with recovering equipment and driver capacity, will likely keep rates under pressure for a few more quarters.”

Regarding the supply-demand balance, Denoyer said, “The market fell to the loosest level since April 2020 in September, which portends additional rate pressure, but capacity growth has begun to slow, which is key to the bottoming process for rates.”

You May Also Like

Peterbilt of Atlanta announces eighth location

The new location will allow Peterbilt of Atlanta to better serve its customers along the Interstate 16 corridor in Georgia.

Peterbilt of Atlanta recently announced the grand opening of its eighth location in Dublin, Georgia. The new store, doing business as Peterbilt of Dublin, is located at 3011 Hwy 257, Dublin, GA, 31021 and sits on 10 acres. The new location will allow Peterbilt of Atlanta to better serve its customers along the Interstate 16 corridor in Georgia, and the store is equipped with a 16,000-square-foot shop that includes a 16-bay facility and two mobile techs.

Used Class 8 retail sales dropped 19% in November

Longer term, average price and miles were higher y/y, with age up 7% y/y.

Onfleet_6_generic
Albert Gore named ZETA executive director

Joe Britton, ZETA’s previous executive director, will remain president of ZETA’s board of directors.

How trucking fleets will benefit from the Inflation Reduction Act

How much money can you squeeze out of the tax credit for EVs? Find out here.

Xos-EV-Tax-Credit-1400
Why this year will be the ‘Year of Fuel Efficiency’ regulations

Plus top takes on the CHIPS Bill, Repair Act and what this Congress can actually get done.

HDAD-EV-National-Regulations-1400

Other Posts

FTR reports: Shipper’s conditions stabilize

Aside from a large increase in diesel prices during the month, shippers’ market conditions were more positive m/m.

Live Blog: Heavy Duty Aftermarket Dialogue 2023 (Updated!)

It’s the first trucking event of the year! Here’s what happened, as it happened.

Heavy-Duty-Aftermarket-Dialogue-2023
Amid loose market balance, carriers start tapping the brakes on capacity

Volumes softened to the lowest levels seen since March and April of 2020.

ACT-Research-For-hire-trucking-600
EV truck manufacturers to give updates at Work Truck Week 2023 

NTEA has released more information about EV-related sessions.