With some economists predicting around a 50% chance of the U.S. economy sliding into a recession in the first half of 2023, experts at American Trucking Associations’ Management Conference & Exhibition are urging trucking companies to be well prepared for a possible economic downturn.
Lee Klaskow – Bloomberg Intelligence Senior Freight, Transportation and Logistics analyst believes the economy will be classified as “in a recession” by early in 2023: “I was very much an optimist, and I thought we were going to avoid a recession until probably four or five months ago. Now I think we are going to be in a recession, but I’m very bullish on the U.S. consumer. Because of that, I think the recession is going to be short and shallow.”
One of the current major factors that are beginning to become more prominent as we head into 2023 is the diesel shortage; spreading from the Northeast to the Southeast. Diesel inventories nationwide are at their lowest seasonal level ever as we head into winter – some areas in the Northeast have already begun rationing fuel. Because of this shortage, prices for trucking fuel are stretching budgets. The ATA also reports cargo tonnage in this market rose 5.5% in September from a year ago, reaching its highest level since August 2019.
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Though the industry continues to fluctuate, the trucking and transportation industry is one of the most well-equipped to avoid any potential hiccups in the first few months of 2023; during the supposed, but short recession.
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