Why a surge in semi-trucks order is a good sign for the economy
CFRA Research investment strategist Lindsey Bell, Belpointe Asset Management chief strategist David Nelson and Capital Wave forecast editor Shah Gilani on how the U.S. private sector added 230,000 jobs in September and how the increase in semi-truck orders could be a good sign for the U.S. economy.
North American Class 8 semi-truck orders hit 42,300 in September, up 92 percent from a year ago.
The continued surge in big rig orders may be another signal of a booming U.S. economy as the freight market records its best quarter for sales in history.
“The economy is surging right now, putting stress on shippers to find trucks to deliver goods on time,” Don Ake, FTR vice president of commercial vehicles, said in a statement.
Truck fleets have been struggling with a shortage of trucks and drivers, while manufacturers are dealing with heavy backlogs.
“The truck area is one part of the economy that you are seeing them having a hard time filling those jobs,” Lindsey Bell, an investment strategist for CFRA Research, said on FOX Business’ “Making Money with Charles Payne” on Thursday. “They’re probably going to have to increase the pay for some of those jobs.”
Daimler AG, Navistar International Corp, Paccar Inc. and Volvo AB are the main truck makers in the U.S.