Trucking Economy in 2024: Spot Market Freight Rates, Volume, and Unemployment

Today, we dive deep into the trucking economy, analyzing the latest trends and data that every trucker, carrier, and owner-operator needs to know. The trucking economy in 2024 is experiencing significant shifts, with record spot market freight rates, fluctuating freight volumes, and rising transportation unemployment. We'll break down what these changes mean for the trucking industry and how they might impact your business.

Our discussion begins with an overview of the trucking economy, focusing on the latest figures from July, where dry van and reefer spot market freight rates remained flat year over year for the first time in over two years. We’ll compare data from industry giants like DAT and ATA, highlighting the discrepancies in freight volumes and what they reveal about the trucking economy in 2024.

Understanding the current state of the trucking economy is crucial for making informed decisions about your business. With DAT reporting a 10% increase in spot freight volumes and ATA showing a slight decrease in truck tonnage, it's clear that the trucking economy 2024 is experiencing a dynamic shift. We’ll explore what this means for truckers and how to navigate these changes effectively.

Whether you're concerned about the rising transportation unemployment rate or curious about the future of freight volumes, this video covers it all. We’ll also discuss the load-to-truck ratios, with dry van, reefer, and flatbed ratios showing significant changes. By understanding the trucking economy 2024, you'll be better equipped to adapt and thrive in this evolving landscape.

Stay informed and ahead of the curve by subscribing to our channel. Don’t forget to hit the notification bell to stay updated on all things related to the trucking economy. Let’s dive into the numbers and trends that are shaping the trucking industry today!

#TruckingEconomy #FreightTrends2024 #TruckingIndustryUpdate

Call or Text [phone]

00:00 Intro
00:50 Story
06:34 Loads
15:00 Final Thoughts

[jimmycagnee]

I work for the number two mega carrier and yes our freight is bottomed out, guys are lucky to get 2000 miles a week, if it weren’t for my dedicated route I’d be hurting worse than I am, I’m lucky.

[RobertQuine-pkpl]

It's a blessing in diguise.
I'm done and getting out of this lost cause business while I still have some skin left.
Rear main bearing failure on my 2015 Freightliner Cascadia with a Cummins ISX15 motor and 740, 000 miles. The crank was destroyed by the time I could get pulled over in a construction zone ( 3-4 minutes)
I'm a power only, solo operator for the past 2 years. Today is 8/30/24 and this just happened In Greenville Texas on 8/26/24. I live near Cincinatti Ohio (that's 900 miles).
The cost to repair/replace the motor is $28, 000. But, the problem isn't this needed repair, it is the next one that will come. I could come up with the funds by maxing credit cards, loans from family, and finance some of it. But that would drain all my resources. Then the next major repair? next week, month, 3 months, 6 months? I would already be in debt and I wouldn't have any resources left to draw from. I would be stuck on the side of the road for good. It would be like hanging myself with a longer rope is all - so to speak.
Don't get me wrong, I like driving and the freedom in the trucking business, it does make a little money, just not enough to save up for major repairs like this one. I've been able to save $2 to 3 thousand every month, but then maintenance and repairs on the truck eats it all up. Just last month my DPF filters had to be cleaned and I had an exhaust leak, the truck was down 2 weeks and the total was $7, 000. I was lucky I was near home. My trucks yearly registration was $2000, stupid UCR was $500 and my insurance company wanted to raise my rate from $1400 to $2100 a month and I don't have any claims accidents or tickets on my record! Now this repair is needed a month later? WTF? Did I piss off some which doctor or something lately?
These past 4 days have cost me $3500, just to get towed from the middle of nowhere to the repair shop, stay in a motel, get the estimate, eat, and renting a car to get around and get home. You get stroked at every turn by every business and you have to bend over and pay it because your stuck in the middle of nowhere with little to few options and they know it. I'm sure you guys relate.

I'm doing a vouluntary reposession with the lien holder on the truck and getting out of the lost cause trucking business.
Good luck to all you guys/gals that keep hanging in there and trying. A lot more businesses will have to go under and leave the industry to make it profitable again, but I also doubt that happening. The damn brokers will just start taking more of the cream off the top and keep giving us crumbs.
Greedy Brokers have ruined the trucking industry.

P.S. Why am I seeing so many Mexico registered trucks hauling loads everywhere?




Reply

[Adam-Woods]

Thanks for the info Vitaly!

Here up in bizarro world, a.k.a. Canada, I have seen a decent increase in flatbed freight on the spot market. I have been having decent success, running local/regional.

I’m not sure if you’re going to be doing a live show this Sunday but I’ll try to tune in

[Livestockhaulin]

3650$ to go out west for a few days ain’t bad. Gotta take it on the chin tryna go back east from Colorado

[Vadertrans]

Taking thT Colorado to Iowa load is the problem with trucking; let it sit forever, your messing up the market

[stephenpotts]

I guess you don’t give info for hotshots I’ll delete this podcast

[kasper]

Еврей врет, езжай в Израель и там это рассказывай

[texwilliams]

AFT is the only dispatch service that I have worked with that is SET on trying to make you a better carrier. Believe it or not, they helped me get $8650 driving 2161 miles @ $5.24 per mile this week. For the month AFT got me $23, 003 driving 7045 miles @ $3.27 pm. Sometimes you just have to patience during low market conditions. Just like using patience during a traffic jam. Thanks to Luke, an amazing partner, and my personal dispatcher there at AFT. Special thanks to V, who has his pulse on the market conditions each week.

1st QTR 2024: 22, 518 miles, grossed $71, 314 at $3.12 per mile.
2nd QTR 2024: 24, 450 miles, grossed $50, 595 at $2.07 per mile