Not a good sign for the U. S. economy as orders for 18-wheelers are down 34% over last year.This cautionary spending signal means companies are running out of money or the demand for shipping is dropping.
Either way this isn’t a good look according to this Reuters report:
U.S. orders for heavy duty trucks in June were down 34 percent from the same month last year to a four-year low as trucking firms were holding off on buying new 18-wheelers amid a weak freight environment, according to preliminary data released by a freight transportation forecaster on Wednesday.
“The Class 8 market is stuck in a holding pattern, at the bottom end of this cycle,” Don Ake, vice president for commercial vehicles at FTR said in a statement.
“Fleets are cautious as freight demand has cooled off this year,” he said.
Preliminary data showed 13,000 units ordered in June, the lowest monthly total since July 2012 and the worst June since 2009.
FTR said that all truck manufacturers were equally affected by the month’s weak order numbers.