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Trucking industry facing leaner times as consumer demand drops

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The Canadian trucking industry faces a shaky market as cargo volumes and freight rates continue to fall — in step with downward consumer demand — compared with the soaring highs seen during the pandemic.

The industry shed more than 20,500 driver jobs — seven per cent of the workforce — in the first three months of this year from levels at the end of 2022,"As the economy has essentially softened a little bit, so has demand for trucking services," said Craig Faucette, chief programs officer at the trade group.

"You're seeing a lot of smaller fleets struggling, especially ones that rely on what we call the spot market," said Mike Millian, president of the Private Motor Truck Council of Canada, referring to one-time shipments that fall outside long-term contracts or recurring schedules. Earlier this month, 94-year-old American trucking giant Yellow Corp. declared bankruptcy after years of financial struggles, a demise that supply chain expert John Gradek called"the tip of the iceberg."So-called less-than-truckload operations, which make multiple drops of cargo for different clients on a single run, face an especially competitive marketplace.

 

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