A new index from FTR Transportation Intelligence and Truckstop.com provides visibility on the state of the trucking market as anticipation of an economic restart grows. The COVID-19 Truck Freight Recovery Index shows a sharp mid-March drop that has remained stable for the past two weeks, indicating a bottoming out in the spot market. The index will allow freight professionals the ability to assess trucking activity in response to the COVID-19 pandemic and recovery from it.
“Because this is not a traditional economic recession, we are watching the dynamics in distinct phases that are unique to this crisis. The freight recovery index shows that a shutdown has been in full swing for several weeks and that freight is mostly bouncing along the bottom as everyone is sheltering at home,” said Eric Starks, chairman and CEO for FTR Transportation Intelligence. “Once we start to see things picking up, the trajectory of the restart will help us better understand whether this is a ‘U-shaped’ recovery or a ‘V-shaped’ recovery. We expect transportation metrics to be a leading indicator of the broader economic conditions.”
The COVID-19 Truck Freight Recovery Index measures trucking’s response and recovery based on pre-pandemic levels, while accounting for historical patterns and seasonal fluctuations. Indexes are now available for trucking as a total, as well as narrowed by dry van, refrigerated, and flatbed, using Truckstop.com spot rate metrics.
“This new index further demonstrates the value Truckstop.com brings to the transportation and logistics industry that goes beyond facilitating the actual movement of goods,” said Brent Hutto, chief relationship officer, Truckstop.com. “Our data offers instant visibility to transportation professionals into market trends, which is especially valuable when conditions are as volatile as they have been during this crisis.”
Graphs and commentary are now available online.