💸 UPS Truck Drivers Make $172,000

In today's email:

• Three Freight Headlines: UPS drivers' salaries surge, a tragic I-85 crash claims two lives, and diesel prices continue to rise nationally.
• Loadsmart Freight Market Update for August 2023
• Around the Freight Web: Switzerland to create underground freight tunnel, the U.S. Defense pays well for ammo transport, Texas overtakes California as a produce hub, plus more.
• Freight Meme of the Day

TOP LANE MOVERS POWERED BY GREENSCREENS.AI

*Greenscreens.ai, forecasts real-time truckload buy prices that are suited to each freight brokerage's purchasing power using AI and machine learning. Its engine takes into account over 130 attributes and data points in each rate forecast.

🐔 WHAT’S COOKIN’ IN FREIGHT

💰 UPS Truck Drivers Make More Than Software Engineers. After UPS's union secured a $30 billion deal spread over five years, there was a surge in interest for UPS jobs, with search data showing a more than 50% increase for UPS-related job titles. Despite the appealing prospect of full-time drivers earning around $170,000 annually by the end of the contract, aspirants should note that one must first work as a part-time package loader, a less lucrative position, before advancing. Additionally, despite this new deal, UPS doesn't foresee massive hiring soon, citing declining volumes post-pandemic.

😪 Super Ego Involved In Fatal I-85 Anderson County Crash. Two individuals, Tracina Yvette Young, 47, and Frederick Leorande Styles, 51, tragically lost their lives in Anderson County, South Carolina, after their tractor-trailer, carrying toilet tissue, collided with a Super Ego semi experiencing mechanical issues on I-85 northbound near mile marker 22. Both were ejected from the vehicle and declared dead at the scene, leading to an outpour of grief on social media.

⛽️ Diesel Price Up 11.2¢ in Third Weekly Surge. The national diesel price climbed 11.2¢ to $4.239, its third consecutive weekly increase. Since July 17, it's up by 43.3¢. Every region reported hikes; California had the steepest at 18.1¢ while New England's was the lowest at 7.4¢. Gasoline prices concurrently rose 7.1¢, averaging $3.828, which is 21¢ below last year.

TOGETHER WITH RAPIDO

Rapido is a top nearshore staffing company providing logistics and supply chain talent to companies in the United States. Based in Guadalajara, Mexico, Rapido offers a unique combination of cost savings and access to a skilled workforce, making it an attractive option for American logistics businesses.

See what makes nearshoring to Mexico an attractive option for scaling a logistics company and how partnering with Rapido Solutions Group simplifies the whole process.

LOADSMART: FREIGHT MARKET UPDATE

Market Predictions for August

Loadsmart's analysis predicts an average spot price increase from $2.31 in July to $2.33 in August 2023. By the end of the year, prices are expected to hit $2.5, indicating an 8.2% surge from July, with a continuous upward trend into 2024.

Truckload Market Dynamics

July saw a decline in the price index by 2.9% MoM, influenced significantly by the 4th of July spike. This surge returned the index to January 2023 levels, but by the end of the month, there was a 10% retraction from this peak. The rise in fuel surcharges in late July, combined with minor market tightening, led to this price movement. Freight volumes dipped by 4.4% MoM, with the Northeast being the exception, showing growth after a stagnant second quarter.

Fuel Price Implications

Fuel prices experienced a significant increase of 9.5% in July, reaching figures seen in April. These elevated costs have played a role in the truckload pricing trends observed in the last week of July. Predictions indicate that fuel prices will continue their upward trajectory, especially given the factors like OPEC's production cuts and declining US crude oil production.

Freight Sector Insights

US transportation and warehousing saw the most substantial revenue decline in 1Q2023, plunging by 7.8% QoQ. A significant portion of this decline was attributed to warehousing. The general and long-haul trucking segments fell by 1.2% and 3% respectively. Continued freight rate declines in Q2 2023 make revenue growth in the next report unlikely, though optimism persists for positive change by year-end.

Source: Loadsmart

FACTOR WITH OTR SOLUTIONS

OTR Solutions is laser-focused on helping brokers & carriers scale and protect their businesses. Quick pay options, 24-hour margin funding, and maintaining cash flow with OTR Solutions help you compete with the biggest brokers & carriers in the industry and stay afloat. You work hard, let OTR Solutions work for you. Read more here.

AROUND THE FREIGHT WEB

🚇 Underground Freight Transport: Switzerland's Cargo Sous Terrain project plans to use autonomous pods in underground tunnels for transporting freight.

🚚 Military Ammo Trucking: Transporting arms and explosives for the U.S. Defense offers great pay but requires strict compliance and extensive checks.

🥦 Shift in Produce Powerhouse: From California to Texas. California's dominance in produce distribution has shifted, with Texas seeing more produce.

🔋 Proterra Goes Bankrupt. Electric-vehicle parts supplier Proterra files for Chapter 11 bankruptcy due to market challenges and reduced valuation.

🌍 Sassy Trucker's Dubai Detainment. TikTok Trucker, Tierra Allen was detained in Dubai due to a rental car dispute since April, but is now heading home.

FREIGHT FEST IN HOUSTON, TX

Don't miss the biggest transportation and logistics conference of the year: Freight Fest, taking place in Houston, TX from September 28th to October 1st. Use our code, FC15, to receive a 15% discount on your ticket today. Learn more by going to FreightFest.com.

FREIGHT MEME OF THE DAY