Big Truck TV and Internet Truckstop have collaboratively partnered to create a twice monthly video webcast called the Industry Economic Update. The show highlights the key economic metrics and issues facing the trucking industry. We have created a LinkedIn group to provide a complementary forum to the webcast and is intended to bring together industry executives, economists, legislators, and consultants from trucking, logistics shippers, brokers, academia and government to highlight and constructively debate the economics of trucking in order to table concrete ideas and possible solutions to the challenges facing the industry. If you are a member of LinkedIn please check out this group and become a member.
The ATA and other organizations are advising drivers and truckers to take precautions ahead of the soon to be Hurricane Isaac. The Federal Motor Carrier Safety Administration (FMCSA) are also warning drivers and motor carriers to be careful and are urging them to look at what trucking laws have been suspended and how it may effect you. You can view that article here http://www.fmcsa.dot.gov/emergency/disaster-relief.htm
Our very own Pat Dickard will be bringing you a webinar today at 1PM MST. the subject is BACK TO THE BASICS, FINDING NEW SHIPPER CLIENTS.
Finding new customers and markets is the number one problem that must be solved for small and mid-sized brokerages. To compete and grow, or even to simply survive in this new economy Freight Brokers must go on the attack and look for new customers and markets. A successful future will require better external information on customer’s needs to find new markets to enter for new sales opportunities. Join this webinar for a quick refresher on sales techniques and learn about ITS services that will help you have a brighter future.
Internet Truckstop attended the Great American Trucking Show this past weekend in Dallas, TX. Our own Gerin Powell was one our representatives at GATS and here is what she had to say about her experience.
The Great American Truck show is the 2nd largest trucking show and this year seemed to be a huge success. People where lined up at the doors on opening day waiting to walk around and get information on the latest and greatest in the industry. I had the opportunity to attend this year, and I was happy I did. Our booth was busy the whole show with present/new customers wanting information on our new services such as Carrier Registration Service and CACCI. These shows are great for us because it gives us a chance to put a face with a name. We were able to provide our customers with hands on training, talk with them about what’s happening in the industry, hear their suggestions/needs and even had several who were conducting business and needed to search for a load or check on a load status while in our booth. I really enjoyed talking with all of our customers and I am very excited for the new customers and relationships I had the opportunity to meet and build.
We were also excited to be part of several new projects being launched at GATS. One being, Team Run Smart Freightliner, the online community for all truckers. Internet Truckstop was named the exclusive load board for this site. We are very honored to be part of this community, we’re all facing increasing industry pressures such as keeping operating costs low to staying healthier on the road, being business smart and fuel smart. Internet Truckstop is excited to be able to share information and help in the success of the industry.
Overall, I was very pleased with the GATS show and look forward to next year. Thank you to everyone who came by our booth, it was a pleasure meeting everyone! See you next year.
The transportation sector is stagnant. Recent metrics of trucking volumes, such as the American Trucking Association’s monthly Truck Tonnage Index, and Internet Truckstop’s weekly Market Demand Index (which I personally report), have been flat for several weeks to months.
Partly, these mediocre trucking volumes reflect a broader lethargic economy. Second quarter GDP and personal consumption expenditures grew at a meager 1.5%. And, the near-term outlook is far from rosy. The nonpartisan U.S. Congressional Budget Office released GDP forecasts this week that, under some (unlikely) scenarios, see the economy re-enter recession during 2013 (the CBO’s more plausible expectation is for a continued slow pace of economic growth).
There is some semblance of a silver lining: construction activity is improving, as I noted in my previous post, and factory output has been slowly but steadily increasing. However, there is also a lot of broader economic uncertainty. Whereas economic indicators for the second quarter of 2012 were poor, reflecting a pattern of faltering growth, metrics released so far for July and August show potential for a somewhat more upbeat economy during the second half of this year.
Internet Truckstop with the help of our corporate trainer Pat Dickard and the occasional guest speaker bring you weekly webinars to help learn tools to strengthen your business strategies in the transportation industry. Our webinars are also great for someone just starting in the industry or a veteran in transportation and helps you become more effective and efficient in a competitive economy.
To sign up for one of our webinars you can email Pat himself at firstname.lastname@example.org, sign up from our homepage at http://www.truckstop.com. Be sure to follow us on Facebook, Twitter or LinkedIn for a fast and easy way to learn more about and sign up for that week’s webinar.
New Plymouth, Idaho August 27 2012–There was an increase in the ITS Market Demand Index (MDI) last week. Load availability and truck searching numbers seemed to increase while load searching and truck availability decreased.
The overall average equipment rate decreased. Reefer rates increased while flatbed rates remained the same.
We are seeing an increase in the fuel prices from last week. The lowest average cost of fuel is $3.89 and the highest is $4.25. There is a risk of a price spike due to Middle East tensions.
“The transportation sector continues to stagnate. Broader economic barometers are marginally improving, but it remains to be seen whether this will translate into improved trucking volumes and help break the industry out of its current flat pattern.”
Jeremy West, Internet Truckstop Economist
About Internet Truckstop
Founded in 1995, Internet Truckstop was the first online freight matching service. Listening to the transportation industry is the driving force behind all of the innovative business tools that we develop. These easy-to-use tools, the largest freight database and a commitment to our customers makes Internet Truckstop the leader in Internet freight matching.
Our success is defined by our customers’ success.
For more information on the Trans4Cast newsletter please visit www.trans4cast.com or call 1-800-203-2540 x 6180
The Truckload Carriers Association (TCA) and Internet Truckstop have teamed up to give thanks to the heroes of our industry. The recently launched website http://www.driverappreciation.com was created to help show support and give thanks to just those heroes. The website was also created to help promote a healthy lifestyle in trucking. You can read our full article on page 27 of our ITS Online Magazine.
New York, New York – Big Truck TV (BTTV) in collaboration with Internet Truckstop has released the latest Industry Economic Update video webcast highlighting key trucking specific economic data and the macro-economic issues that impact the industry. Also featured, is this week’s highlight interview with a leader in freight transportation forecasting, Eric Starks – President of FTR Associates.
“This week’s Industry Economic Update (IEU) looks at a myriad of key stats impacting trucking and shippers and of note is the fact that the industry seems to be at a pivot point leaving many wondering where it will go from here,” says Michael Carpentier, CEO of BTTV, “Furthermore, very significant issues are on the horizon that could be a deciding factor: the looming fiscal cliff, rising diesel prices, a worsening sovereign debt crisis, the election, and consumer confidence which is consistently battered with bad news.”
This episode’s stats shows a reversal in retail sales reflecting a positive growth in addition to other key indicators showing some strengthening signs as compared to the early part of 2012. Retail sales in July have increased by 0.8% and industrial production has increased by 0.6%. Preliminary consumer sentiment has also risen to 73.6 from 72.3, beating modest forecasts of only 72.4. Another promising change is the uptake in residential construction permits and this could help spur demand in trucking. A very noteworthy stat is that MDI in a similar five-week period from 2011declined 7%, however, it increased modestly over this same period this year from 11.62 to 11.85.
Something to keep a close eye on is the rising diesel prices. Over the last week prices have increased from $3.88 to $3.98. This rising trend has been going on since the week of 06/25/12 when diesel prices were at their lowest for the year.
In this week’s show, BTTV invited industry expert, Eric Starks, President of FTR Associates, to add some additional insights into the health of the industry. Eric is still bearish about the economy even in light of some positive signs:
“The slowdown that we are seeing in the overall economy is clearly having an impact on trucking. With industrial production output stagnating, it is starting to show up in the amount of freight getting hauled. As such, truck capacity utilization is at lower levels than many thought it would be at this time of the year. Also, rates being charged by truckers have seen a slowing in growth. Another clear sign that truckers are seeing a negative impact from the economy is that the number of new trucks being ordered by fleets has fallen dramatically and is sitting at its lowest level in nearly 2 years. All in all, this suggests that trucking is hitting a soft patch that is expected to continue for the next several months,” says Eric Starks, President, FTR Associates.
The IEU appears on www.bigtrucktv.com, www.truckstop.com, www.truckload.org & can be accessed online 24/7. The IEU feature a “news anchor,” who presents data that Internet Truckstop has culled from its operations as the industry leading load board. Big Truck TV is the content expert and distribution facilitator for the online show. Together, the companies have co-produced a series that is highly relevant to the North American trucking and shipping audiences providing an accurate picture of the health of the industry.
Big Truck TV is the trucking and shipping industry’s leading online video and blogging media property, offering a wealth of editorial video content, coupled with real life insights from subject matter experts and both fleet and shipping executives through the BTTV Blog.
Founded in 1995, Internet Truckstop is the first and largest freight matching service on the Web. Internet Truckstop offers more tools than any other freight matching service available. These easy-to-use tools, the largest freight database, and a commitment to the transportation industry make Internet Truckstop the leader in Internet freight matching.