Many analysts are trying to get the big picture of the US economy but are running into conflicting information.
There are major growth areas and emerging submarkets, but there are also workforce shortages and pushes for diversity.
Revenue is strong, but businesses are budgeting for recruiting and anticipating some big crunches ahead. One doesn’t need to be an expert to understand the current state of the US economy. You only need to look at the trucking industry.
The US Economy Reflects Trucking
Since the trucking industry moves over 70 percent of products throughout the country, it is easy to see how trucking and the larger economy are intertwined.
If the economy is booming, it’s fairly safe to assume the trucking industry is also generating a lot of revenue. Similarly, if there are certain strange situations, you can bet they can be found in the trucking industry as well.
Economic Growth
While a number of segments within the trucking industry have slowed since the end of last year, they are still growing, right down to small carriers and independent for-hire drivers.
The US economy as a whole is experiencing the same thing. Big businesses are doing quite well, but so are small business owners, startups, and independent contractors in most industries.
Workforce Shortages
There is a shortage of drivers in the trucking industry, and it comes down to older career drivers retiring and a high turnover rate among more inexperienced truckers.
The same thing is happening in every single industry, and it’s impacting the US economy at large. An entire generation is already making preparations for retirement or switching careers to something less demanding. This, of course, creates job openings.
To keep productivity up, industries are actively recruiting younger people who are capable. However, there is a high turnover rate because many of the younger members of the workforce have not decided to turn any single job into a career.
Business Moves Faster than Ever
Technology has moved the relationship between B2B and B2C into an accelerated mode. Transactions are happening faster, and there is an increased need for revenue and capital that is making everyone rethink standard business practices.
Waiting 30 days or longer for customers to pay on invoices used to work, but in a faster-paced economy, the trucking industry needs a better solution. Freight factoring allows businesses to speed up their cash flow by exchanging unpaid invoices for cash within 24 hours.
At Express Freight Finance, we are a national leader in factoring services for the trucking industry. To keep this economy moving, as well as your trucking company, get in touch with Express Freight Finance today.