Several thousand truck drivers have fled the freight business this year amid one of the harshest freight recessions in memory.
Suddenly, the lucrative round trips from his home outside Boston to Chicago or Milwaukee paid barely enough to cover his gas, tolls, insurance and repairs, leaving little profit to compensate him for the long days away from his family.Yellen opens talks with China's new economic chief, a fan of state action
The driver exodus represents a stark turnaround from 2021 when the White House mobilized to attract more men and women to haul road freight with paid apprenticeships and efforts to tap military veterans.Since trucking was deregulated in 1980, the industry has cycled through regular boom-and-bust episodes every 18 to 24 months, according to Ken Adamo, chief of analytics for DAT Freight & Analytics in Akron. When times are good, new drivers flock to the business.
“The freight recession is real and it stretches across modes, across air, trucking and rail,” said Phil Levy, chief economist for Flexport, a San Francisco-based supply chain company. Major retailers in recent months have been ordering fewer items, focusing instead on reducing their stockpile of unsold goods. At Target, inventory in the first months of this year plunged 16 percent, led by apparel and home goods.Shipping containers arriving at the Port of Los Angeles, ground zero for the pandemic-era woes, are down 23 percent from a year ago. Truckers are getting less than half their 2021 per-mile peak earnings, adjusted for inflation, even as their operating costs rise.
In late 2020, when Pedro decided to launch his one-man trucking company, he had been making a living behind the wheel since emigrating to the United States from Brazil in 1999. He drove a limousine, before getting a job driving a car hauler in 2007. On the road, hauling loads for customers such as Amazon and JB Hunt, he was his own boss. After a long day of driving, Pedro would look for a Planet Fitness outlet and get in a workout. Later, parked for the night, he’d cook a 10 ounce steak in an air fryer tucked in his cab rather than eat the carb-laden fast food sold at truck stops.He kept a close eye on his bottom line, carefully measuring the cost of individual trips against the pay that was offered.
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