America’s $875 billion trucking industry is struggling.
The number of authorized interstate trucking fleets in the U.S. declined by nearly 9,000 in the first quarter of 2023, according to federal data analyzed by Motive, a fleet management technology company. Several midsized fleets have already shuttered this year, and major freight brokerages have laid off 1,000 employees in 2023 alone.
Per FreightWaves’ Outbound Tender Rejection Index, trucking fleets are rejecting about 2.8% of load requests. That makes “early 2023 the softest sustained truckload market since the tender data history began in early 2018,” said FreightWaves’ Zach Strickland.
Read more in an article from FreightWaves.