What the 'Great Trucking Recession' Is Warning Us About the Economy

What the 'Great Trucking Recession' Is Warning Us About the Economy - Salena Zito 11-7-2023

• Two months ago, 30,000 truckers at Yellow lost their jobs when one of the nation's oldest and largest trucking companies filed for Chapter 11 bankruptcy protection. 
• Last week, Convoy, the digital freight broker that was supposed to reinvent the wheel and disrupt the trucking industry in a positive way, also abruptly shuttered its doors.

"...The damage started when people went on a spending spree during COVID-19. 

The government was giving out cash, and people started ordering things in a way they have never done before," McQuaide explained.
As a result, McQuaide said, new trucks were on the road to meet the consumers' needs....

• "It isn't just in the trucking world. It is also in air freight and in the rail industries."...

"It provides very valuable insights into the health of where the economy is going and into the mindset of the consumer: Are they spending, or are they feeling uncertain and moving within," he asked rhetorically...