Editorial: Trucking in Step With Economy

The national economy is chugging along, plowing through rough waters whipped up by Russia’s annexation of Crimea and the Federal Reserve’s observation that interest rates close to zero can’t last forever.

But unless the Ukraine episode escalates significantly, it looks like the U.S. economy will maintain a pace similar to the 2.4% growth rate it recorded in the fourth quarter. While a first report on the economy in the first quarter won’t be available for another few weeks, there are already some positive signs.

Despite the miserable winter weather, retail sales advanced 0.3% from January and 1.5% from a year earlier. Manufacturing output gained 0.8% in February, the strongest increase in six months.

You don’t have to tell anyone in the trucking business that this industry reflects and supports the national economy. When the economy catches cold, as it did in January, trucking slows down through no fault of its own. But fortunately, trucking never stops. Unlike the passenger airline business, trucks keep rolling no matter what the weather. Unlike school systems around the country, there are no snow days for trucking.

It’s a risky business, beset by a jungle of regulations, with profits always threatened by an unfavorable change in the price of diesel fuel.

But through it all, truckers remain optimistic, putting a strong bet on the future with their new truck purchases. Class 8 truck orders jumped 30%

in February, and retail sales of Class 8 tractors gained 11% for the month, the biggest increase in four months. ACT Research Co., a Columbus, Ind.-based industry forecaster, said it expects heavy-truck sales will accelerate later in the year to more than 280,000 units and grow even more in 2015.

Despite the strength and optimism, there are bumps in the road, figuratively and literally.

As trucking grows, so does the shortage of qualified drivers. Part of the reason for the shortage is the industry conundrum: When the economy grows, trucking finds itself in competition with construction as many drivers choose to work close to home. Another problem is the hours-of-service rule change that reduces driver productivity.

Perhaps even more serious is the woeful state of the nation’s highways. Fleet executives recently formed a task force to work on finding a way to fund road and bridge construction, so that trucking can continue moving America forward.