Does Trucking Slowdown Signal Worse Things Ahead?
Bob Pisani is off; this post was written by CNBC producer Robert Hum.
Echoing comments made earlier this morning by IATA about lower air traffic, the American Trucking Association (ATA) reported a slowdown in trucking last month. The ATA reported total trucking tonnage fell 2.7 percent in August, the biggest month-to-month decline since March 2009.
ATA’s Chief Economist Bob Costello stresses his concern of the slowing economy, saying he anticipates “sluggish economic growth for the remainder of this year and the latest tonnage numbers are reflecting that slowdown.”
In a quarter during which the broader markets have posted double-digit gains, a number of trucking stocks have noticeably underperformed.
For the quarter so far:
Landstar down 2%
Con-way up 3%
Ryder up 7%
JB Hunt up 8%
S&P 500 up 11%
Dow Transports up 13%
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