Uber Freight reports Supply continues to expand as the market adds more trucks and drivers
Carriers are now bidding on more volume than in the previous 18 months while searching for opportunities and ways to get and retain drivers and improve operating ratio
Uber Freight just released its Q4 market update and outlook report – which highlights major trends, data, and recommendations to help shippers and carriers navigate Q4 and beyond. Here’s a preview of the key takeaways:
- Inventories continue to increase as consumer demand stagnates: Consumers are spending approximately 8% more on retail than last year (though still lower than the rate of inflation). Real retail sales (adjusted for inflation) are 1% lower YoY.
- Supply continues to expand as the market adds more trucks and drivers: Carriers are now bidding on more volume than in the previous 18 months while searching for opportunities and ways to get and retain drivers and improve operating ratio.
- Volumes and demand are in decline internationally: U.S. import cargo is continuing to be diverted to U.S. gulf and east coast ports due to uncertainty with ILWU labor contract negotiations. Air freight demand in Europe and North America is declining.
Research Report Provided by Uber Freight
Category: Connected Fleet News, Driver Stuff, Equipment, Featured, Fleet Tracking, General Update, Management, News, Transit News, Vehicles
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