Truckers sound the alarm...

[countrygirl2]

I don't know seeing more foreclosures here.  I talked to the realtor we use today.  She said here she had buyers but nothing for them to buy, new homes aren't built often here.  Just a few apartments, some landlords with homes like us. Just all sounds so off.

She and I were talking, she said foreclosures and bankruptcies are going to be happening a lot soon.  she likely sees pre foreclosure stuff or people trying to sell home before they lose them.  I asked her why, she didn't know, but she said they are coming. I think so too.  I'm guessing people are not getting raises or their wages are being cut.  Also everything is raising in price so hurting folks.


Yet we see lots of people here eating out.  Seems kind of odd, but I do think we are in for a major slow down or a crash if the tariffs are raised more.  I keep seeing new car sales are slow too.

[kadee79]

More news on the trucking front....

Truckers typically bristle at the American Trucking Associations, an industry group that represents trucking companies rather than America's 1.8 million truck drivers themselves.



They've differed on just about every topic in the trucking world: whether teenagers should become truck drivers, whether there's really a trucker shortage, and how truckers should be compensated for rest breaks (if at all).

But it seems the ATA and truck drivers have reached some sort of agreement on the state of their industry in 2019: It's suffering.

"There is no way these folks are making money now," ATA chief economist Bob Costello said at an industry conference, as reported by the Commercial Carrier Journal. "We do not have to go into a recession for this to be a bloodbath."

Costello said because of the decline in rates in the spot market, the next 18 months in trucking specifically would be challenging for truckers. The ATA did not respond to a Business Insider request for further comment.

This year alone, nearly 3,000 truck drivers have lost their jobs as trucking companies large and small declare bankruptcy. Major carriers like J.B. Hunt, Knight-Swift, and Schneider have cut their annual outlooks. The rate sentiment among industry leaders dipped to recession-level lows in July, according to a Morgan Stanley survey.

www.msn.com/en-us/money/markets/american-trucking-associations-says-industry-is-in-big-trouble/ar-AAGw4z9?li=BBnbfcN

[Deleted]

And yet the old, very large Old Dominion freight line, is analyst recommended at 'buy' 


Just some more "news" on the trucking front.

[Value Buy]

Aug 30, 2019 14:15:57 GMT -5 @x said:

And yet the old, very large Old Dominion freight line, is analyst recommended at 'buy' 


Just some more "news" on the trucking front.

J. B. Hunt was up over nine percent today.

[Value Buy]

Some trucking companies and now CSX have reported better than expected earnings in the new quarter.
Is the recession now over before it even began?

[kadee79]

Oct 17, 2019 8:37:30 GMT -5 Value Buy said:

Some trucking companies and now CSX have reported better than expected earnings in the new quarter.
Is the recession now over before it even began?

Nope, all things haven't hit yet, it's getting there.  

This is sorta like the difference between climate & weather....a "sign" doesn't mean everything is going to collapse tomorrow or even next week, it often takes some time for everything to work it's way thru all phases to get to then end.
Or maybe ya'al can relate better to investments...long range vs. short term.  Often the long term ones will be MUCH more beneficial than those short ones.

[kadee79]

Here come some of the results of a few trucking companies going out of business....

Trucking has seen a challenging 2019, with truck drivers like Lexington, Kentucky-based Chad Boblett saying the industry is getting hit with a "bloodbath."

The data backs up Boblett's claim, particularly when it comes to new orders of big rigs. According to the most recent data from FTR Transportation Intelligence, October orders of heavy-duty trucks were down 51% from last year. October is typically the hottest month for new truck orders, and October 2019's orders hit a three-year low for that month, the weakest since October 2016.

When it comes to used trucks, Steve Tam -- the vice president of ACT Research, a leading publisher of commercial vehicle data -- said we're seeing the biggest volume change in nearly four years and the largest price drop in three years.

The market dip is forcing major layoffs at Cummins

Those market trends are now impacting Cummins, a Columbus, Ind., manufacturer of heavy equipment. It's the largest manufacturer of Class 8 truck engines, claiming a 38.3% market share in 2018 over competitors like Daimler and Volvo/Mack.

Cummins spokesperson Jon Mills confirmed to Business Insider that the company, which employs some 62,610 globally, will reduce its global workforce by about 2,000. Those layoffs will be complete by the first quarter of 2020, he said.

It's not clear which Cummins locations or departments will be affected by the layoffs.

www.msn.com/en-us/money/companies/cummins-the-largest-maker-of-truck-engines-in-the-us-announces-2000-layoffs/ar-BBXjGDw

[Value Buy]

Today's jobs report

www.msn.com/en-us/money/markets/us-nonfarm-payrolls-increase-by-the-most-in-10-months/ar-BBXQOkW
No recession in sight.
On one of the cable stock market news stations this morning, can't remember which one, they were talking about not being able to hire enough drivers at the moment......and are turning to attracting females to the industry.
And the transport index, although not a a new record high, it is not far from the recent record number.....

[kadee79]

I've already replied on another thread some place.  

[kadee79]

And this was mentioned on another thread too in another forum....if you have the correct spelling...

The trucking "bloodbath" of 2019 is ending on a remarkably sour note.

Celadon, a truckload carrier that grossed $1 billion as recently as 2015, will file for bankruptcy on Dec. 11 or earlier, inside sources told leading industry publication FreightWaves on Dec. 6.

It's poised to be the largest truckload bankruptcy in history - and its drivers are already getting slammed.

The bankruptcy has the potential to leave more than 3,200 truck drivers stranded and away from home. Sources told Business Insider that Celadon truck drivers' fuel cards are already getting turned off, which means they're unable to get home without spending serious cash on gas or arranging their own transport by car, plane, or bus.

An internal source confirmed to FreightWaves that the company may not be able to get drivers home on time, and encouraged them to fill their tanks as soon as possible.

www.msn.com/en-us/money/companies/an-american-trucking-giant-is-slated-to-declare-bankruptcy-—-and-it-may-leave-more-than-3200-truck-drivers-stranded-and-jobless/ar-BBXXdx6?ocid=spartandhp