Economists Predict End of Recession Near for Trucking Industry

Danielle Jackson

Farmington Hills, Mich. -- U.S. economists announced at the National Truck Equipment Association (NTEA) 2002 Economic Update on March 5 that the recession affecting the commercial truck and transportation industry has reached a low point, and that the economy will begin to expand again by the second quarter of 2002.

However, economists added that the trailer market is not expected to begin seeing economic recovery until the end of 2002, and the heavy duty market will be negatively impacted during the second and third quarters of 2002 because of lower freight tonnage, higher insurance costs, declining used truck values, a likely price increase resulting from new emissions requirements, and the fact that 42,000 trucking companies filed for bankruptcy last year.