Bloomberg had a nice report today on the state of the trucking industry in the USA. They note the following:
- Truck freight loadings in April were up 3% year over year and 1.4% month over month.
- Actual tonnage was up 2.8% year over year and 2.6% month over month.
- BB&T trucking analyst Tom Albrecht notes 29 consecutive months of growth.
- Tonnage is seasonally steady.
- MOST IMPORTANTLY – we have never had a recession when tonnage is expanding.
This is all pretty consistent with the rail data we’ve been seeing. It’s obviously not going gangbusters, but none of this is consistent with a recession.
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Mr. Roche is the Founder and Chief Investment Officer of Discipline Funds.Discipline Funds is a low fee financial advisory firm with a focus on helping people be more disciplined with their finances.
He is also the author of Pragmatic Capitalism: What Every Investor Needs to Understand About Money and Finance, Understanding the Modern Monetary System and Understanding Modern Portfolio Construction.