[FoxBusiness] Trucking has proven to be a somewhat reliable bellwether for the US economy
A sharp, unexpected downturn in trucking demand since the beginning of March could be evidence of a looming economic recession, according to Bank of America strategists.
A Tuesday analyst note from Ken Hoexter, the managing director of Bank of America's trucking research, shows that shippers see rapidly softening demand for trucks, with a gauge tracking truckload demand falling for the fourth consecutive month to its lowest level since June 2020.
That is "near freight recession level," Hoexter wrote. On an annual basis, the gauge has plummeted about 23%. |