Expert Feels Better Days Are Ahead For Trucking Industry

Could the “trucking recession” be coming to an end?  One industry expert thinks so.

In August, the cost of moving goods was on track to increase 0.2% for the first time in nearly two years.  In addition, the Russell 3000 Trucking Index, which includes major tucking companies, rose by 9% last month, negating an 8% drop to start 2024.  Mike Kucharski, co-owner and vice president of JKC Trucking, says while the numbers have improved, the trucking industry is still struggling, thanks to a reduction in buying volatility.  Consumers, he noted, just aren’t buying as much product as they used to.

“So, the volumes go down, the rates go down because all the truckers are fighting for the same product....Since COVID, all our costs have gone up. Insurance, fuel, fuel is ridiculously high, every one of our costs gone up and the buyers go to the lowest bidder.  And that's why you see all these trucking companies going out of business and we need an uptick so we stop fighting for this stuff.”

Kucharski says when it comes to the rest of 2024, he’s very optimistic, because of the Super Bowl of trucking; the holidays, Christmas, New Years and all of the parties.

“I'm thinking fourth quarter is gonna be better. Hopefully we could kind of. Get those numbers and volumes up and into 2025. Keep those numbers up and going so it doesn't dip right back down because since COVID soon as we see an uptick, we see a huge decline and that's why it's been a roller coaster because it's up and down, up and down, up and down. It's almost impossible to predict. So, I mean I'm hoping for better days ahead of us.” 

Kucharski added making the remaining portion of 2024 interesting is the presidential election, and the impact that will have on the health of the overall economy, oil prices and more.

If you have a story idea for the PNW Ag Network, call (509) 547-1618, or e-mail glenn.vaagen@townsquaremedia.com