Truck drivers and larger carriers are facing a tough business environment, which may get worse than it did during the Great Financial Crisis, according to a report.
Freight demand has deteriorated over the last year due to a sluggish economy, and per-mile rates for drivers have plunged since the pandemic-era boom in 2021, which brought a surge of goods onto the market.
Per-mile rates are less than half of that from 2021, according to FreightWaves data cited by Bloomberg.
A combination of inflation, rising maintenance prices, a glut of consumer goods, and higher operating costs have all put pressure on the trucking industry.