Additional data for the Class 8 market show still-large (but quickly shrinking) backlogs, weak orders, strong build, bigger inventories, and good follow-through on sales.
“Data continue to tell the same stories we have been reporting. First and foremost, the story remains one of current demand strength. The near-term backlog remains full and strong retail sales highlight good follow-through from previously booked orders,” said Kenny Vieth, ACT Research president and senior analyst. “The second story starts with softening freight metrics, pivots on robust build and sales, and ends at the nominal reality of a 78K Class 8 inventory. In a nutshell, freight growth is stagnating, while Class 8 population growth accelerates, planting the seeds for the end of the current up-cycle in demand.”
Regarding the medium duty markets, Vieth commented, “Medium duty metrics remained in-line with expectations again in May, with most metrics close to their prevailing trends, if displaying some fraying at the edges.”
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