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Compared with the prior-year April truck tonnages fell 13.2 the largest drop in 13 theATA said. “While most key economic indicatorsz are decreasing at aslowere rate, the year-over-year contractions in truckl tonnage accelerated because businesses are right-sizing their which means fewer truck shipments,” ATA Chiefv Economist Bob Costello said in the release. “The absolutr dollar value of inventories has but sales have decreased as muchor more, whicjh means that inventories are still too high for the current leveo of sales. Until this correctiomn is complete, freight will be tough for motor carriers.
” His prediction that the botton may not come for a few more monthds bodes poorly for companies such asOverlancd Park-based YRC (Nasdaq: YRCW), whichu lost $257.4 million in the firsgt quarter and has been laying off workers and sellingy property. Many trucking companies have closed theifr doors in a freighyt recession that has lasted more thantwo years. Longbow Researchu analyst Lee Klaskow recently hosted a conference call with who said trucking will not be a leading economic indicatofr as in the past but may be a lagging indicatortthis time, according to a Thursdayt note.
“If the trucking industry is in fact notan early-cyclr sector this time around, then the market has gotten aheadc of itself and truckingh stocks should be due for a in our view,” Klaskow wrote. Around 2:30 p.m. YRC shares were trading at $2.53, down about 2 percent. A year ago, YRC sharex closed at $16.31. YRC ranks No. 2 on the Kansas City Businesz Journal ’s list of area public companies.
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