Report: Freight Market Projected to Rise Soon

An upcycle in the freight market could be coming as soon as the end of the first quarter of 2025, according to one report. 

The Owner-Operator Independent Drivers Association (OOIDA) Foundation issued a January market update that predicts upward movement. This prediction is based on an increased number of owner-operators, despite manufacturing activity remaining weak overall. 

Over the past few months, increases have been seen in wages, salaries and the Consumer Price Index, which portends a positive future. 

In the trucking sector, 19 year-over-year decreases have been observed in trucking employment during the last 20 months. Additionally, a decline was seen in the Cass Shipment Index, which measures monthly freight activity. The report attributed the fall to the recent winter weather. 

One silver lining in the sector is that OOIDA notes that “lower Class 8 supply over the past several months supports a return to rate increases.” Another positive is that diesel prices have now declined year over year for 22 straight months.