Freight market rebalances as cycle nears turning point □ And I think that is most apparent if you just look at what’s happening in airline and rental car and hotel industries.” But now people are really starting to spend their money on services. “The pandemic turned all that upside down and everything went heavily toward goods and things because there were no services to go buy,” Dyer said. But he added that strengthening consumer spending has really been focused on the service economy. He noted destocking and consumer demand are trending in a positive direction for transportation providers. He pointed to spot rates experiencing a modest improvement around that time. But we still haven’t found bottom.”ĭyer noted that the slowdown started about midway through the second quarter. So, we’re not at the top of the cliff anymore. “I think the rate of price erosion and the rate of demand decrease have slowed. “I think the best way to put it is we have not found bottom yet,” said Andy Dyer, president of transportation management at AFS Logistics. The trucking industry has entered the late stages of the freight cycle downturn, but positive destocking trends have helped balance low demand. ACT Research noted in a report June 21 that the for-hire trucking market has been rebalancing as the freight cycle nears a turning point.
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