The latest release of ACT’s For-Hire Trucking Index, showed volume and productivity up, with the Supply-Demand Balance in July rising as the increase in volumes outweighed the increase in capacity.
The ACT For-Hire Trucking Index is a monthly survey of for-hire trucking service providers. ACT Research converts responses into diffusion indexes, where the neutral or flat activity level is 50. Please contact us at email@example.com if you are a for-hire executive interested in participating. In return, participants receive a detailed monthly analysis of the survey data, including Volumes, Freight Rates, Driver Availability, Capacity, Productivity and Purchasing Intentions, plus a complimentary copy of ACT’s Transportation Digest report.
Tim Denoyer, Vice President & Senior Analyst at ACT Research, commented, “The Volume Index stabilization this month coincides with better retail activity in response to significant discounts and a considerable drop in fuel prices, relieving some of the pressure on consumers. The freight environment overall remains flattish.”
He noted, “Fleet productivity/utilization rose and is the highest it’s been in 2022, but the index is well below 2021’s average, as the easing market balance removes the pressure of the past 18 months. Downward pressure on volumes related to service substitution and inflation, recovering equipment production, and still-rising driver populations suggest that fleet utilization is likely to be choppy across coming quarters.”
Regarding supply and demand, Denoyer said, “While up this month, the reading still reflects a loose trucking market and a late stage in the freight cycle.” He added, “Freight volumes are not in a significant downturn, but are certainly flat to down a little, whereas capacity, which always lags, is still rising. With capacity growth set to continue amid flattish industry volumes, the looser environment is likely to persist, even as volumes ramp into peak season in the coming months.”
The ACT Freight Forecast provides forecasts for spot truckload rates by trailer type for four to six quarters and truck volumes and contract rates for three years for the truckload, less-than-truckload and intermodal segments of the transportation industry. In 2019, the average accuracy of the report’s truckload spot rate forecasts was 98%. The ACT Research Freight Forecast uses equipment capacity modeling and the firm’s economics expertise to provide unprecedented visibility for the future of freight rates, helping businesses in transportation and logistics management plan for the future with confidence.
ACT Research is recognized as the leading publisher of commercial vehicle truck, trailer, and bus industry data, market analysis and forecasts for the North America and China markets. ACT’s analytical services are used by all major North American truck and trailer manufacturers and their suppliers, as well as banking and investment companies. ACT Research is a contributor to the Blue Chip Economic Indicators and a member of the Wall Street Journal Economic Forecast Panel. ACT Research executives have received peer recognition, including election to the Board of Directors of the National Association for Business Economics, appointment as Consulting Economist to the National Private Truck Council, and the Lawrence R. Klein Award for Blue Chip Economic Indicators’ Most Accurate Economic Forecast over a four-year period. ACT Research senior staff members have earned accolades including Chicago Federal Reserve Automotive Outlook Symposium Best Overall Forecast, Wall Street Journal Top Economic Outlook, and USA Today Top 10 Economic Forecasters. More information can be found at www.actresearch.net.
ACT’s 67th Seminar is scheduled for August 23-25, 2022. The focus will be the potential impact of decarbonization and autonomous technology on commercial vehicles and on-highway transportation. Each event ACT shares its best-in-class data and forecast in presentations, as well as featuring guest speakers to dive into topics of interest for the benefit of attendees. The agenda includes key industry leaders, who will be announced at a later date. For more information about Seminar 67 Watts Under The Hood: Transportation Transformation, click here: https://www.actresearch.net/seminar-67/.
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Additionally, ACT Research published an update to CHARGING FORWARD, a North American-centric battery and fuel cell electric vehicle adoption rate forecast, covering 23 vehicle applications, in Classes 4-8 commercial vehicles, through 2040. CHARGING FORWARD is considered by many industry leaders to be the apex of analysis and economic-based total cost of ownership modeling in the industry. And, it is now available for purchase at https://www.actresearch.net/electric-vehicles-charge/.
For more information about ACT’s Freight Forecast, U.S. Rate and Volume OUTLOOK, please click here.
To learn more about other freight-related publications offered by ACT Research, click here.