At least 2,500 truck drivers have lost their jobs in 2019 as the transportation 'bloodbath' unfolds
Alleged Truck Driver Shortage
Flashback February 11, 2019: NPR says Facing A Critical Shortage Of Drivers, The Trucking Industry Is Changing.
Amusingly, such nonsense persisted even last month.
Flashback June 13, 2019: Will the Trucker Shortage Continue in 2019?
?Will the shortage continue into 2019? All signs point to yes.
With the above silliness out of the way, please consider Transportation 'Bloodbath' Unfolds
Truck drivers are suffering in 2019 — especially those who own or work at small businesses.
Rates in the spot market, in which retailers and manufacturers buy trucking capacity as they need it rather than through a contract, sank by about 18% year-over-year in June. That has caused truckers like Demetrius Wilburn, a Georgia-based driver, to find themselves unemployed.
Wilburn bought his semitruck four years ago after years of working as a company truck driver. But amid rock-bottom rates, Wilburn wasn't able to make a payment one month — and his truck was repossessed.
?Truckers' Fears at Recession-Level Highs?
Business Insider reports Truckers' Fears Have Soared to Recession-Level Highs.
According to Morgan Stanley's regular freight survey, rate expectations are sinking into the negatives — "well below 2016 levels." That was the most recent time freight sank into recession.