According to ACT Research’s For-Hire Trucking Index, August volume was flat and productivity was down, with the supply-demand balance and capacity rising marginally.

“While volume index flatness m/m reflects the difficult freight environment, August’s number remains above the June/Q2 dip and reflects diminished but wage-supported underlying economic conditions,” Kenny Vieth, president & senior analyst at ACT Research, said.

“Fleet productivity/utilization declined 7.0 points m/m, to 47.6 in August, as the lower volume freight market increases inefficiency,” Vieth said. “Downward pressure on freight volumes related to inflation and interest rates, recovering equipment production, and still-rising driver populations suggest that fleet utilization is likely to be choppy across coming quarters.”

“While volumes were up incrementally this month, the reading still reflects a loose trucking market and a late stage in the freight cycle. Freight volumes are not in significant downturn, but have certainly stagnated since Q1, whereas capacity, which always lags the cycle, is still growing,” Vieth said. “With capacity growth set to continue amid flattish industry volumes, the looser environment is likely to persist, even as volumes ramp into peak freight season in the coming months.”