Demand for rental vehicles has been falling for over a year, weighing on diesel prices and giving a warning sign about the direction of the US economy.
Companies that want to move goods rent trucks either in advance or, if their needs exceed the contractually agreed capacity, spontaneously on the so-called spot market. According to an index maintained by the American Trucking Associations, cargo bookings in the spot market plummeted 77% between January 2022 and March of this year.
“In the spot market, all the extra freight goes,” said Bob Costello, ATA’s chief economist, “but there’s no extra freight.”
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