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Every economic turn has been foreshadowed by a turn in the trucking economy, according to some economists, and the current healthy state of US shipping shows a healthy fourth quarter is on its way.
Many economists regard trucking as a bellweather for upcoming economic developments.
Nearly three-quarters of all freight tonnage in the United States is moved at some point by a truck.
“If you look at history, it’s been a bellweather. Before we go into recessions and when we come out of recessions, we typically see it beforehand,” said Swift Transportation President and COO Richard Stocking, who sees cause for optimism. “Things are steady. They’re strong. And we think we’ll have a vibrant fourth quarter.
Stocking says that based on how much his trucks are moving, we can expect things to pick up in the economy for the holiday season. If you have been involved in a truck accident and live in the Dallas area, you can look into something like Trucking Accident Lawyer Dallas to help get you the compensation you deserve for injuries and accident-related losses. You might think that you are the best driver in the world. However, accidents will happen. There are different types of truck accidents though, so it is always best to just be prepared.
Expedited retailer and e-tailer shipping company Covenant Transportation Group CEO David Parker agrees: “Everyone of our customers is anticipating a very good fourth quarter.”
According to Avendale Partners Donald Broughton, trucking tonnage has predicted every recession and recovery over the past 40 years, and right now tucking tonnage is predicting a steady strengthening of the US economy.
The trucking industry is currently facing a notable driver shortage, and the North American Trucking Association estimates the industry needs as many as 40,000 more truckers right now, and businesses are engaging in recruitment at trucking events such as the recent Great American Trucking Show.
Trucking companies are hiking pay, adding benefits, involving new truckers by allowing them to help design their own trucks, and looking to hire more women, who, despite having very good trucking records, make up only 5 percent of the industry. There are also companies that add perks like home by night trucking jobs to allow for a better work-life balance.
By Andy Scott
