According to ACT Research’s State of the Industry: NA Classes 5-8 report, November Class 8 net orders of 32,600 were robust, bringing the most recent three-month total to 128,000. As business activity in the truck industry rolls on seemingly unphased by higher interest rates, the Fed continues an aggressive push to subdue inflation.
“Most notable this month was the continued strength in Class 8 order activity. Also, heavy-duty production levels were ahead of OEM build plans, while medium duty fell short. Otherwise, activity was largely in line with expectations, with cancellation volumes and rates remaining low.” Eric Crawford, vice president and senior analyst of ACT Research, said “Over the course of Q4/21, there were nearly 52,000 Class 8 cancellations—orders that were booked for but not delivered in 2021—rebooked into 2022 build slots. While cancellations are running at historically low rates today, we caution that, unless the OEMs change the process of dealing with these paperwork noncancellation cancellations, we may see cancellations elevate sharply in December.
“Though this week’s 50-basis point increase is a welcome sign, cracks in the economy are becoming more evident: the impact of higher rates has begun to slow activity in the housing sector and large layoffs have started in the tech sector.”
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