Not that long ago, it seemed inconceivable that the good times in [U.S.] trucking would end, but here we are back down to Earth. Growth in manufacturing – the most significant driver of trucking activity – has subsided, and residential construction remains stagnant. However, there are some near-term positives, such as lower diesel prices. Also, carriers are responding to flagging demand by ending their hiring spree.
Iron ore shipments from U.S. Great Lakes ports totaled 6 million tons in May, up 2% year-over-year, according to the Lake Carriers’ Association.