It will be 'really tough' for trucking companies to stay in business if things don't pick up by Memorial Day

 

May 5,2023

• Executives at trucking giant JB Hunt recently sounded the alarm about a freight recession.
• OOIDA, an American trucking association, is echoing the sentiment.
• It will be "tough" for truckers to stay afloat if the recession does not let up soon, an OOIDA analyst said.

An American trucking association is the latest to sound the alarm over a "freight recession" gripping the US, saying it will be tough for trucking companies to stay afloat if the slump in freight rates does not subside soon. 

If things don't pick up by Memorial Day, analysts expect the freight market to stay around current levels for the rest of the year, Andrew King, a research analyst at the Owner-Operator Independent Drivers Association, or OOIDA, told Insider.

"That will be really tough for a lot of carriers to stay in business," he added.

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