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Trucking Industry Shows Signs of Slowing, Economists SayEconomists say the trucking industry is showing signs of slowing, the Wall Street Journal reported Monday.
Oscar Sloterbeck, head of research firm ISI Group’s survey group, said the trucking companies he polls weekly have reported lackluster freight volume for the time of year, according to the Journal.
A downturn in the housing market coupled with declining retail shipments and production cuts in the auto industry have all contributed to the slowdown in the trucking industry, the Journal said.
Ford Motor Co. previously announced it would slash car and truck production by 21%, which prompted job cuts at a Navistar International Corp. plant in Indianapolis that manufactures engines for Ford pickup trucks, the Associated Press reported Tuesday. (Click here for previous coverage.)
DaimlerChrysler also announced plans to cut fourth quarter production and auto analysts expect General Motors to make a similar announcement as early as this week, the Journal said.
Jim Meil, chief economist for component manufacturer Eaton Corp., estimates that automobiles and auto parts account for up to 9% of total U.S. truck freight, the Journal reported.
The trucking industry is generally viewed as a bellwether for the economy
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