Class 8 truck orders totaled about 16,500 units in November, a plunge of about 60% year- over-year, analysts said, citing preliminary numbers.
Higher inventory levels in place in the economy, more trucks sitting on dealer lots waiting to be sold, slower growth in freight levels and a softening in rates have ganged up to put the brakes on orders, the analysts said.
FTR, a research firm, put the total at 16,475, while ACT Research said it was 16,600.
Either way, it was the lowest total of the year and the weakest November in six years, both firms said.
“Unfortunately, little of the decline can be accounted for by seasonality,” ACT analyst Steve Tam said.
“It was a major disappointment and below expectations,” said Don Ake, an analyst with FTR.
But Ake remained optimistic. “Orders should stabilize soon.”