COVID-19, polarizing political and social climates, explosions and UFOs are just a few of the unforeseen events making 2020 one for the history books.
The freight markets have been equally “crazy,” for lack of a better word. Unemployment benefits and government stimulus checks, new truck orders trailing replacement demand, increased carrier costs and employee health concerns have strained the capacity base.
Conversely, traditional freight demand has been disrupted as shippers adjust to the new norms (crazy) of 2020. Depending on shippers’ industries and locations, they may have experienced increased demand or decreased demand.
As FreightWaves illustrates, there is a positive relationship between retail demand and COVID cases, whereas there is an inverse relationship between food service demand and COVID-19 cases. Read more, here.