Trucking recession? According to a recent Bank of America survey, demand for trucks is actually down 58%. Consumers are spending less money on material items such as televisions and clothing and instead funneling more of their hard-earned funds towards services, reports the U.S. Bureau of Economic Analysis. Kantar’s Entertainment On Demand streaming analytics reveal streaming subscriptions are up 88% since the beginning of 2022. More people are using companies like DoorDash and Grubhub for food delivery. Meanwhile, electricity prices are expected to climb on an average of 20% across the United States this winter and natural gas costs are predicted to increase 36% according to the U.S. Energy Information Administration, presumably further leading to less discretionary spending on material items. What does this mean for the trucking industry?
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