Synchrogistics, the best logistics firm Raleigh, NC, prides itself on offering top-notch managed transportation services. Our boutique approach focuses on seamlessly aligning your business objectives with tailored, expert guidance from our consultative approach. Reach out today to learn more about Managed Transportation, The Synchro Way.
On August 6th, after 99 years in business, Yellow, one of America’s most prominent trucking firms, declared bankruptcy due to falling sales and significant debt, laying off its 30,000 staff.
The American logistics industry witnessed a surge in demand between 2020 and mid-2022, with revenues growing by approximately a third, driven by stimulus checks and the lockdown-induced focus on goods, leading to the industry hiring a million workers and constructing 1.8 billion square feet of new storage space.
A shift is occurring as consumers prefer experiential over material goods, resulting in stagnated goods spending; the logistics sector saw three consecutive quarter-on-quarter declines in revenues, with the volume of goods in American ports in July 2023 dropping 14% compared to the previous year.
The industry’s downturn has caused a drop in dry van shipping costs by 21% since early 2022, and approximately 20,000 truck operators (nearly 3% of the total) have halted operations since mid-2022; the sector has also seen significant layoffs, with parcel delivery and warehouse operators shedding almost 100,000 jobs combined.
While investments have decreased with a 40% reduction in warehouses under construction compared to a year ago, analysts remain hopeful for a rebound in the latter half of the year, anticipating growth for major players like UPS and FedEx, provided the American economy maintains its strength.
Synchrogistics logistics in Raleigh remains a steadfast partner for businesses seeking reliable and efficient transportation solutions. Contact us today to learn how we can support your logistics needs and help your business thrive in a rapidly changing landscape.
Truckload rates continue to remain low, though spot rates appear to have stabilized for now, according to DAT Freight & Analytics. The trucking industry is in the late stages of a freight cycle downturn, but positive destocking trends have helped balance the low demand. While the rate of price erosion and demand decrease have slowed, the industry has not yet reached the bottom. Consumer spending has shifted towards services, indicating a recovery in the service economy. However, expected patterns like produce season have been weaker than anticipated. Analysts believe the industry won’t see significant changes until demand improves, and (potentially) an increase in fleet closures. Despite some positive signs, the rest of the year is not expected to be particularly strong for trucking industry pricing.
Discover how Synchrogistics can optimize your logistics in Raleigh amidst fluctuating truckload rates. Contact us today to streamline your supply chain and drive efficiency.
Synchrogistics logistics in Raleigh has delivered immediate freight savings for almost a decade across multiple market cycles, industry verticals, and transportation modes. Our transparent pricing model builds trust with our clients and allows for crystal clear communication.
The Synchro Effect is real – reach out to us for a free freight spend analysis to see your potential savings opportunity.
Last Saturday we had a blast at our Annual Holiday Party, hosted by Humble Pie. Our team continues to grow with nearly 50 people in the Raleigh office and multiple departments currently hiring, and we must thank Erica and Bill for their unwavering commitment to our mission, “Be the Best!”. Each of us bring unique strengths to the team while we share the commonality of a love for winning. Cheers to a stellar year celebrated with our closest friends, family, and former colleagues. Happy Holidays from the Raleigh Synchro team!
Thank you to our team, clients, and carrier partners for a phenomenal year. We gained diverse talent, new partnerships with clients across industries, and advanced technology capabilities. With a focus on responsiveness and transparency, our team has successfully navigated this tough market and continues to offer flexible solutions. Reach out today to learn more about the Synchro Way!
