The booming Trump Economy is creating massive demand for big rigs. Orders hit a record for the second month in a row in August, and the backlog of truck orders is the longest it has ever been.
The Wall Street Journal‘s Eric Phillips writes:
- Fleets last month ordered 53,100 Class 8 trucks, the largest vehicles used to haul goods on long-distance routes, according to a preliminary report from ACT Research.
- The August peak in orders followed a seven-month ordering spree that drove equipment manufacturers in July to open up 2019 slots for new orders, months ahead of their usual schedule.
- Shipments by truck and rail rose 10.6% in July compared with the same month in 2017, while freight spending soared 17.9%, according to Cass Information Systems Inc., which processes freight bills.
- Cass wrote that demand is significantly exceeding capacity across most modes of freight transportation.
Read more here.