Trucking news and briefs for Monday, July 26, 2021:
The latest release of ACT’s For-Hire Trucking Index, with June data, showed volumes slowing, pricing moderating at a high level, and a still-strong supply-demand balance.
Even though freight volumes declined, Carter Vieth, a research associate with ACT, said volumes remain at a healthy level following an upwardly revised May.
“And with continuing lean U.S. inventories, durable goods orders rising to record levels, and consumers enjoying record wealth and savings, the fundamentals of the freight cycle remain clearly positive,” he added.
Freight rates dropped in June for the first time in several months, but levels remain high.
Vieth also noted that ACT’s For-Hire Pricing Index moderated at a high level, ending a six-month run of consecutive increases. Despite the leveling off, June’s pricing reading was still the eighth best since the survey began in June 2009.
“Developments in the driver market and freight volumes will be key to the near-term rate outlook,” he said. “While spot rates may come under pressure from driver re-entry, underlying equipment capacity tightness supports a positive contract rate outlook.”
