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Wells Fargo: Trucking Industry Continues Long Haul Toward Recovery

October 09, 2013, 06:52 AM
Filed Under: Trucking

The Q3 2013 Wells Fargo Equipment Finance Trucking Quarterly says the trucking industry is continuing its long haul toward full economic recovery. According to the report, orders of class 8 trucks stalled slightly over the summer, but as the economy slowly moves forward, replacement purchases are driving the current phase of industry growth.

In the report, Jon Eide, national sales manager for Wells Fargo Equipment Finance Commercial Vehicle Group says, "The demand for class 8 truck orders has been modest over the summer, causing concern that sales might not increase from last year. However, one strength of our economic recovery is in the area of consumer spending, which is helping freight tonnage to increase. With more goods moving — and as fleets age — carriers will need to consider adding to or replacing vehicles in their fleet."

Wells Fargo senior economist Sam Bullard is also cited in the report stating, "Growth in class 8 truck demand has been limited and, in fact, has moderated in recent months. Truck manufacturers have also remained cautious, under-producing demand so far this year after over-producing in 2012. We suspect this cautious attitude on the outlook will be maintained over the coming months until significant fiscal and monetary policy issues are addressed and do not impact the prospects for moderate growth."

To read the full Q3 2013 Wells Fargo Equipment Finance Trucking Quarterly, click here.

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