America's trucking industry serves as an indicator of the mood of consumers and their pocketbooks, and one expert warns the industry is in a dire state.
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"We had COVID, we had a huge surplus of spending [and] we didn't have enough truckers to move it," he added. "Now everybody, the consumers, have depleted their funds and they're not buying as much."
"In addition, the prices of everything, including energy and food, have "skyrocketed." Consumers are buying less and truckers are fighting over freight "to make some profit or break even to survive another year," he said.
"Kucharski said another factor in the "great trucking recession" is diesel fuel prices, which are a major operating cost for trucking companies. "
"It costs more to deliver goods and therefore this cost is passed on to the consumer. Consumers are feeling strapped for cash due to the increased costs and interest rates, they are holding back on purchases seeing what's going to happen and now we have our drivers sitting on the sidelines with no work," he said.
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