At least 2,500 truck drivers have lost their jobs in 2019 as the transportation ‘bloodbath’ unfolds. Video.
Rachel Premack. Business Insider•July 15, 2019
Video here:
https://news.yahoo.com/least-2-500-truck-drivers-152550919.html
Six trucking companies have folded in 2019.
That has left more than 2,500 truck drivers unemployed.
After a hugely profitable year in 2018, this year has seen retailers and manufacturers moving less, according to the Cass Freight Index.
Truck drivers are suffering in 2019 — especially those who own or work at small businesses.
Rates in the spot market, in which retailers and manufacturers buy trucking capacity as they need it rather than through a contract, sank by about 18% year-over-year in June. That has caused truckers like Demetrius Wilburn, a Georgia-based driver, to find themselves unemployed.
Wilburn bought his semitruck four years ago after years of working as a company truck driver. But amid rock-bottom rates, Wilburn wasn’t able to make a payment one month — and his truck was repossessed.
“I was only six months away from paying it off,” Wilburn told Business Insider. “I’m trying to transition back into law enforcement now — don’t want to ever drive trucks again. Definitely not worth it.”
The Lexington, Kentucky-based owner-operator Chad Boblett told Business Insider that some truck drivers were seeing a “bloodbath” in just how low rates had become.
Worldwide economic downturn
Worldwide economic recession
Worldwide economic depression
Government debt defaults
Company closings
Stock market crash
Mortgage defaults
Bankruptcies
Layoffs
Store closings
Cashless society
Cashless transactions
Emergency worldwide cash management
Emergency worldwide purchase transaction management
Mark, name, number of the beast
Biometric scanning verification and approval of buying and selling transactions