According to ACT Research’s For-Hire Trucking Index, the supply-demand balance and volumes have decreased recently while freight rates have also continued to decline.

“Volumes softened to the lowest levels seen since March and April of 2020, on tepid consumer demand, overstocked retail inventories, and declining imports,” Tim Denoyer, vice president & senior analyst at ACT Research. “At least there are signs of progress on destocking.”

“The reading continues to reflect a loose trucking market and a late stage in the freight cycle,” Denoyer said. “But capacity growth slowed sharply among our respondents, who represent sizable fleets, which will help us transition from this oversupplied stage of the cycle back into the early stage when rates recover. Pricing power clearly shifted to shippers over the course of 2022, but we see a slower decline this month which may be a sign the bottoming process is beginning, consistent with the slowing in capacity growth.”