Since the beginning of 2022, there has been a sharp decline across the nation in demand for trucking services in almost every sector ranging from furniture to electronics. According to data accumulated by DAT Freight & Analytics, trucking rates in Q1 of 2022 fell over 55 cents from $2.78 per mile in January to $2.23 on April 14. Data from past years show that a decline in demand over this time period is not uncommon; but, during a normal year, the drop is much less aggressive at roughly 22 cents per mile.
The crash in demand for trucking has some economic experts worried that it may foreshadow an incoming recession. According to trucking data company Convoy, nationwide economic recessions have followed six out of the 12 trucking recessions since 1972. Furthermore, with the war in Ukraine pushing gas prices -and the cost of business- up, retailers should prepare for a decrease in consumer demand for goods and an impending recession in the coming year.
In other news, Meta has announced that it will be opening its first physical retail outlet on May 9. The “Meta Store,” which will be located in Burlingame, California, is set to feature the company’s VR headsets and products such as the Ray-Ban Stories glasses. The purpose of the store is not only to sell the company’s products but to give consumers a chance to demo its VR and AR technology.
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