Heavy truck orders hit their lowest point since July 2016 in May. The numbers registered the weakest May numbers in a decade, reaching just 10,400 units. According to preliminary numbers from FTR, orders fell 29 percent from April and are down 71 percent year-over-year.
The low numbers relate to May being the last period for ordering trucks to be built in 2019. Fleets are essentially looking to find any build slots left, Commercial Carrier Journal reports.
Blacklogs are expected to fall around 220,000. However, that range was where they were a year ago when order for 2019 began, and ordering for 2020 is expected to begin in June.
“OEM build rates remain at robust levels. The economy and freight growth are expected to ease throughout the year, applying some downward pressure on the truck market in the second half,” FTR vice president of commercial vehicles Don Ake tells Commercial Carrier Journal. “Orders for the next couple of months should be a good indicator of fleet confidence about 2020.”