🎣 Port Strike Suspended
Plus, Flexport announces more layoffs, Hurricane Helene continues to disrupt key lanes, and experts predict truckload carrier rate increase for 2025.
Kevin Hill: Freight brokerage authorities decline for the seventh consecutive month, with a 7.8% drop from last year.
According to data from Carrier Details and Brush Pass Research, freight brokerages have faced a contraction for the seventh consecutive month, signaling a significant trend in the industry. Here's the breakdown:
The trend over the past three months shows consistent declines: -7.4%, -6.1%, and now -7.8%, as the freight industry grapples with an ongoing recession spanning 22 months. Before the pandemic, the number of brokerages stood at 21,229, representing a net increase of 33% to date.
However, these net figures don't capture the full picture of the industry's volatility. In the two years from January 2020 to December 2022, there were 25,000 new authorities activated, yet only 9,700 remain active, pointing to a high turnover rate.
The future trajectory of active brokerage authorities by the end of 2024 is heavily dependent on the recovery of the freight market.
Source: Brush Pass Research
Join over 11K+ subscribers to get the latest freight news and entertainment directly in your inbox for free. Subscribe & be sure to check your inbox to confirm (and your spam folder just in case).