The latest release of ACT Research’s For-Hire Trucking Index indicated that April’s volume reading grew slower following last month’s three-year high, although evidencing clear acceleration in the growth trend. This also marked the seventh consecutive month of positive price index readings.
“Business was definitely better in April and we expect it to continue to improve. We are losing more drivers to local jobs and the oil and gas industry. Good sign that the economy is improving,” noted one fleet.
Purchase intentions remained elevated, with 65% planning purchases in the next three months.
“This is the strongest back-to-back reading since the third quarter of 2015,” said Kenny Vieth, ACT Research’s president and senior analyst.
Fifty-three percent of purchases planned will be new, with 5% reporting plans to lease the equipment. Four percent of the fleets not planning to purchase equipment reported plans to lease current inventory.
Like this story? Begin each business day with news you need to know! Register now for FREE Daily E-News Broadcast and start YOUR day informed!