This week Bob Costello at Transport Topics examined some emerging financial indicators that say trucking might not be moving as quickly in 2013 as we had all hoped.
While he takes care to state that these are only predictions based on recent numbers (and economic factors can change quickly), he’s fairly confident in his list.
What are some of the contributing factors?
- Increases in taxes
- Reductions in spending by businesses
- Flat consumer confidence
- Reductions in government spending
- Reduced manufacturing output
- General lack of confidence in Washington lawmakers
He adds that consumer spending only grew half as much in 2012 as it did in 2011, yet our economy is supposed to be stronger and growing. This means freight will be sluggish and driver retention will continue to be a problem.
Costello predicts that this will all continue until early 2014. Read the rest of the article on trucking industry growth woes in 2013 at Transport Topics.