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Trucking Recession? Freight Rates Tumble
With the surge in online shopping and stimulus checks during COVID, demand for freight transportation and pricing skyrocketed. However, as the pandemic continues to evolve, the industry is now facing a slowdown in freight rates and volumes coupled with rising fuel and labor costs.
The oversupply of carriers is now being considered the biggest challenge in the industry. According to experts, the trucking industry conditions will remain challenging through 2023, and the rate environment will keep the marketing conditions at least mildly negative into 2024.