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“It was ugly. The trucking industry lost 88,300 jobs, and we lost more jobs in one month than we did in all of 2008,”
www.ttnews.com/articles/trucking-sheds-88300-jobs-april
88,300 truck drivers lost their jobs in April, and it’s the biggest trucking job loss on record.
April wiped out all trucking employments gained during the past five years and a half years.
Much of the economy, most notably manufacturing, is at a standstill. As a result, trucks aren’t moving. Nearly three-quarters of all freight by weight is moved by truck in the US, so if goods aren’t being purchased or moved, truck drivers are out of work.
www.businessinsider.com/trucking-bloodbath-truck-drivers-lost-jobs-april-jobs-report-2020-5?amp
Dan Bearden’s Van Buren trucking company had been struggling with soaring insurance rates and falling freight prices since last year. Then the pandemic struck like a meteor.
“It’s almost like we got hit with a cataclysmic event,” Bearden said last week. “And that’s what causes extinctions.”
“What’s going on out here is that the manufacturers are shut down, which means the truck drivers have got nothing to haul,” said Bearden’s daughter, Jeri Lynn Bearden, vice president of the company.
Trucking companies are dropping their prices just to get freight, she said. “It’s just making our situation even harder.” Dancor, with about 80 trucks and 34 drivers, has sold some real estate “just to keep afloat,” she said.
www.arkansasbusiness.com/article/131153/truckers-seeking-bankruptcy-amid-covid-19-cataclysm
Government insiders have been warning us that another financial collapse is imminent. Are you ready to lose 50% or more of your IRA or 401(k)? There is a simple and legal IRS loophole that can protect your IRA/401(k) without spending a penny….
Trump says truckers are ‘price gouged’ as shipping rates plunge.
President promised to take care of drivers.
www.foxbusiness.com/lifestyle/trump-truckers-price-gouged-shipping-rates-plunge.amp
Three quarters of British truckers expect to go out of business within just 2 months due to the coronavirus outbreak.
Over half of the respondents said they expected their business to collapse within a month.
If the economy doesn’t open up asap the trucking industry is going to implode!
Semi truck, trailers, insurance etc etc very expensive overhead etc while economy is shutdown. This cannot go on much longer.
Source: https://www.investmentwatchblog.com
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