Why Is Trucking THIS Bad in 2024? The Stalemate We Are Facing

WHY WHY WHY is trucking so crap in 2024?! Capacity is leaving right? RIGHT? But still, the rates are at the bottom. Well, let's chat about what the reason is for the freight market being in the dumps, and trucking becoming a bloodbath.

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[jonashodges]

No greater joy than seeing progress in an initial decision made its a win win for me lately and I must say gagnon willaims deserves an appreciation

[duvasio]

Ever since the market slowed down I’ve been enjoying my free time . I refuse to haul loads as an owner operator for company driver pay.

[ztbtdpc]

Expenses have skyrocketed while revenue dropped

[philsneed]

In my 30 years in freight, I've witnessed numerous booms and busts. Whether you're a carrier, broker, or shipper, you'll continue to experience both ends of this cycle. Before deregulation in 1980, the industry was heavily regulated, with carriers enjoying consistent prosperity under government protection. However, very few new carriers were granted operating authority. Post-deregulation, it became survival of the fittest. While trucking companies were safeguarded by the government before 1980, this came at the expense of a highly inefficient supply chain. Deregulation ultimately unleashed a 7% positive impact on economic GDP, ensuring that regulation will never return. Those in the industry are no longer shielded by government protection and never will be again. Surviving multiple downturns has taught us that success lies not in assigning blame, but in running our businesses smarter, maintaining fiscal discipline, focusing on specific lanes, adhering to streamlined processes, and remaining highly adaptable to ever-changing dynamics.

[nafakaboy]

i have my truck paid off and it’s not possible to make money…..trucking is like you make 10k then end up 13k in repairs then you make another couple k’s then insurance goes out and so many other things too many to list, i burned a lot of savings last year and this year just staying in business……mind as well do any other job and just pay bills and keep what i got, and not to mention how hard it’s on our health and being away from family ….as much as i love it still, it’s not worth it . best of luck to new guys.

[JAYT]

The real issue is the shippers are making excellent profits and continue to push the rates lower and there are plenty that will continue to haul at these low rates. I know it will never happen but until trucking companies and owner operators finally say enough it will continue to go lower. shippers know now they can always find someone to haul that cheap load.

The people that actually move these loads have all the power but refuse to use it.

[smk]

Let me give you another big clue.
The container drivers in Chicago area are working only 2/3 days a week.
Most containers from Asia go to west coast, then on trains to Chicago rail yards, from the rail yards to the thousands of warehouses in the Chicago area, then get shipped 48 states.
If the import containers in Chicago are very slow, that means the retailers are not ordering much.
So there is a big chunk of volume missing.

[periscope]

Trucking is so bad in 2024 because we forgot how bad it was in 2023.

[Goodbking]

My uncle told me it’s too many people with cdl’s now, too many driver not enough loads

[markferguson]

Too many people in this industry are fatalisticlly optimistic. Not enough realists.

[devincardenas]

I should’ve went to school to be a diesel mechanic lol

[hell_pike]

I think it's important to know, overall volume is probably going to stay lower because of deflationary pressure. The people simply have no money to spend

[ausdlantein]

The thing is every thing is higher and the profit get low. For example tire, shop fuel and insurance is like double now. And rate per mileage still same like 20 years ago when you pay 5 thousand in insurance the whole year now is pretty much. Down payment

[Elmucaroarrebatao]

None makes sense. Because consumer prices have increased in everything. So all of them have adjusted prices for inflation. But our prices haven’t increased and adjusted for inflation.

[arunevaiciulyte]

Can't look at numbers written on a page and not think those numbers aren't manipulated because companies always lie about what's on the books

[Loomislogisticsservice]

Look I'm 50 yrs in this your simple answer is the economy. It's the worst,

[waden]

Just quit my OTR company. Theyve been telling us drivers the basics "the freight isnt out there" but nothing else. This video was amazing. THANK U VERY MUCH.

[craiggreen]

And this too shall pass. Fingers crossed!

[jackwallter]

Owner operator times are gone!
Here in US we have 80% owner operators truck drivers from different countries! So what else to expect then low rates because nobody cares about them, same is in manufacturing jobs! Don't forget government needs low cost manpower to keep inflation down.

[MS-ozwu]

News on CNBC 4-17-24, at aprox 11:50 am. J B Hunt stock just dropped 8.33 %, down $15.25. From $185 dn to 168. News says they have a lot of problems, diseal prices, etc.. Bizarre news, it says, JB Hunt is still struggling to get drivers. I can't figure this. It doesn't square up. How could they be having problems on one hand and at the sametime have problems getting drivers. If they are having problems with loads and at the sametime be short of drivers. I kinda get it, but geewis, the market is all screwed up...😊😅😮