Transportation Economy News Updates

WASHINGTON — Battered by surging consumer prices and rising interest rates, the U.S. economy shrank at a 0.6% annual rate from April through June, the government announced Sept. 29, unchanged from its previous second-quarter estimate.

U.S. business activity contracted in September for a third straight month, though at a more moderate pace as a pickup in orders and a further softening of inflation allayed concerns of a more-pronounced pullback.

The upcoming retail holiday season is likely to see slower sales below the surging pace of 2021 as the U.S. economy’s pace of growth slows to a much lower level, which will have an impact on the amount of freight shipped by trucking.

Even under the uncertain business environment of the past year, a majority of the companies that appear on Transport Topics’ 2022 Top 100 Private Carriers list were able to expand their fleet operations.

U.S. business activity contracted for a second straight month in August, reflecting softer demand at both manufacturers and service providers and adding to concerns about the health of the overall economy.

Economic conditions in the country and in trucking remain relatively strong, but American Trucking Associations Chief Economist Bob Costello said he has concerns about early 2023 and puts the chance of a recession in the first quarter of the year at 50-50.

The Federal Reserve raised interest rates by 75 basis points — the biggest increase since 1994 — and Chair Jerome Powell signaled another big move next month, intensifying a fight to contain rampant inflation.

NEW YORK — Wall Street tumbled into what’s called a bear market June 13 after fears about a fragile economy and rising interest rates sent the S&P 500 more than 20% below its record set early this year.

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WASHINGTON — The U.S. economy shrank in the first three months of the year even though consumers and businesses kept spending at a solid pace, the government reported May 26 in a slight downgrade of its previous estimate for the January-March quarter.