Uber Freight’s 2023 Q2 Market Update & Outlook
LTL carriers focus on service improvements amidst industry volume decline
Uber Freight’s Market Update and Outlook Report is highlighting major trends, data, and recommendations to help shippers and carriers navigate this quarter and beyond.
Key findings indicate that:
- The market remains oversupplied as demand falls. U.S. trucking employment is plentiful heading into Q2, with 2,400 jobs added in Q1. However, growth may weaken over the coming months due to stagnating demand, and dips in both U.S. manufacturing and real spending.
- LTL carriers focus on service improvements amidst industry volume decline. With the Purchasing Managers Index reporting at 46.3% in March for U.S. manufacturing, LTL carriers continue to be price-disciplined despite this softening demand in order to meet rising costs.
- Intermodal spot and contract rates continue to fall. As a result of available capacity and faster transit time, intermodal spot rates have fallen to levels we haven’t seen since 2016, as volume is currently moving to over-the-road.
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