In summary:
- Bloomberg says a “glut of big rigs” is causing orders for trucks to crash.
- Navistar International announced Tuesday that it would be cutting employment worldwide by 10 percent.
- Most of the 1,300 jobs cut will come from North American production.
- Competitors in the big rig category, Cummins and Meritor, also have announced cuts in recent months.
- According to Bloomberg, trucking companies ordered too many vehicles last year as freight orders grew.
- The resulting excess is adding pressure to the freight industry, a segment some experts believe is already in a recession.
- Celadon Group filed for bankruptcy in late 2019, but the trucking company was just one of nearly 800 carriers to go out of business this year.
