The uncertainties of the trucking industry
To start off 2024, it’s important to be aware of the uncertainties the trucking industry faces this year. Disruption is a fact of life in today’s world, personally and professionally. The major disruptor over the past four years was COVID-19, which impacted so many other aspects of business, including supply chain shortages and a shift to a remote workforce.
Disruption leads to uncertainty, and this year is no different. Even though 2023 ended with the financial markets having an unexpectedly strong finish, there are still concerns about 2024, especially within our industry. There might not have been a nationwide recession, but we are currently experiencing a freight recession. Lower freight tonnage and an oversupply of capacity have led to record-low spot rates.
The lack of freight puts pressure on ocean, air, and ground transportation companies that purchased additional ships, planes, and tractors for post-pandemic freight movement. Now, many are struggling just to keep afloat. With all this in mind, along with the concern that inflationary easing could be transitory, businesses must decide whether to plan for growth or go into survival mode. Supply chains are still stressed, and we can point to any number of reasons.
You name it: truck bodies, RV manufacturers, truck and tractor OEMs, and construction, they are all pulling from the same labor pool. The key to success in uncertain times is to make minor adjustments rather than sweeping changes. we need to focus on improving existing technologies and become more efficient in conducting business. Being more efficient means exploring all the alternatives to existing supply chains, educating our youth on the benefits of trade skills, and focusing on what we can control.
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