Truckers are becoming more and more pessimistic about the US economy

The majority of truckers say they’re less confident about the direction of the US economy today than they were three months ago, according to a Cowen survey. Trucking has gone through a rough patch in 2019, as trade tensions and an overcapacity of trucks slams the industry. Still, fewer than a third of truckers say…

Truckers are becoming more and more pessimistic about the US economy

The majority of truckers say they’re less confident about the direction of the US economy today than they were three months ago, according to a Cowen survey. Trucking has gone through a rough patch in 2019, as trade tensions and an overcapacity of trucks slams the industry. Still, fewer than a third of truckers say they anticipate a recession in the next six months. Visit Business Insider’s homepage for more stories. America’s $800 billion trucking industry has been in a recession since the beginning of 2019, according to ACT Research. The culprits: President Donald Trump’s trade war and a glut of trucking capacity. And while some factors, like the uptick of retail indicators and a surge in truckload volumes, should give trucking companies hope for 2020, Cowen’s third-quarter carrier survey indicates that truckers are getting more and more pessimistic about where the economy is headed. In the Cowen survey, 62% of carriers said they are not “more confident in the direction of the economy than they were three months ago.” Last quarter, only 48% expressed that pessimism, while 52% said they were confident in the direction of the economy. Cowen’s team of logistics analysts posited that “continued tariff talk, no trade deal with China yet, and now an increase in tensions in the Middle East over oil” were all dragging down carrier outlooks. Read more: Truckers can’t pay off their fuel cards — and it’s a ‘sure sign’ that more trucking bankruptcies are coming That hasn’t translated to large-scale recession fears
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