Truck Parking Club hits major milestone with 1,000 property locations across 46 states, providing 24,000 parking spaces for truckers nationwide. CEO Evan Shelley shares the company's journey and ambitious plans for expansion.
The Bureau of Labor Statistics has reported a slowing inflation rate in the US, with consumer prices rising 4% annually in May, a significant drop from peak inflation in June 2022. Key sectors contributing to this decrease include energy, with costs down nearly 12% due to a substantial 20% drop in gas prices. "Revenge spending", the trend of increased consumer spending post-lockdown, also shows signs of decline. Airfare prices dropped 13% annually in May, and hotel demand is lower than 2019 levels.
Challenges in Food and Rent Prices
Despite these positive signs, food prices saw a slight increase of 0.2% in May from April, reflecting persistent inflation in grocery store items. In contrast, egg prices showed the most substantial monthly drop since 1951, almost 14%, while fruit and vegetable prices rose by 1.3%. Shelter costs, making up the largest category in the CPI report, are still rising, up 8.7% from the previous year. However, reports indicate a possible decline in these costs during the second half of the year.
Outlook
Federal Reserve Chair Jerome Powell is expected to pause interest rate hikes after a series of 10 consecutive increases. If the inflation continues its downward trend, interest rate hikes might not resume in the near future.
Freight markets show slow recovery signs, but challenges persist. Dive into the latest tonnage, load-to-truck ratios, and order data shaping the trucking industry.
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