2024 Freight Rebound Predicted by TriumphPay's Expert
Josh Bouk from TriumphPay forecasts a later freight market rebound by December 2024.
A Different Outlook
- Prediction: Rebound by December 2024
- Contrast: More optimistic forecasts suggest earlier recovery
Josh Bouk, TriumphPay’s chief partnership officer, offers a unique perspective on the freight market's future. Unlike others predicting a recovery in mid-2024, he anticipates it won't be until December 2024. His viewpoint is grounded in the company's extensive involvement in logistics transactions, amounting to nearly $50 billion annually.
Market Dynamics & TriumphPay's Role
- Current State: Stagnant truckload spot rates despite retail sales growth
- Brokers' Challenge: Emphasis on cost and margin management
Despite increased retail sales, 2023's market hasn't seen the expected rate rise. Brokers are advised to focus on profitability, with TriumphPay playing a key part in streamlining invoice settlements and fraud prevention.
The Broader Impact
- Retail Trends: Black Friday sales rose, but overall impact on trucking is uncertain
- Extended Rebound Implications: Slow balance in supply and demand
Bouk notes the recent spike in online spending and its uncertain impact on the trucking sector. For brokers, the next year is crucial for maintaining business efficiency and managing costs effectively.
TriumphPay's Expanding Role
- Beyond Payments: Aiding in fraud prevention and financial balance
- Future Plans: Promising new partnerships for increased industry transparency
The company is preparing to unveil new partnerships that promise greater industry insight.