CHATTANOOGA, Tenn. (WDEF) — A Chattanooga company that sees how the economy is doing by looking at trucking and transportation trends, says there might be concerns for a recession.
Inside FreightWaves, they track the entire US freight market. They’re also tracking the economy.
“We see about 260 billion dollars of freight transactions which really reflect what is happening in the broader economy,” said Craig Fuller, the CEO with FreightWaves.
CEO Craig Fuller says freight volumes this year, overall are less compared to last year.
“We think as it relates to the US economy is that the industrial part of the economy, the economy that really drives the freight market has actually been in a freight recession since May, so we have actually entered into a freight recession and there are suggestions that a broader part of the economy may be close to teetering on headed to a down part of the market,” Fuller said.
Over at Barnett and Company, the vice president of investments says there is a good chance we will hit a recession in 12 to 18 months.
“Statistically we are due for a pullback and correction. Now how severe that ends up being is anyone’s guess,” said Chris Hopkins, with vice president of investments for Barnett and Company.
He says this is what you can do now.
“Start working at maybe reducing debt if you have credit card debt for example maybe redouble efforts to reduce that. Maybe reach mortgage payments a little bit to try to run down that overall household debt to put you in a better place to survive if and when we do get that next downturn,” Hopkins said.
Back at FreightWaves, they are a little more optimistic.
“It is just certain parts of the economy that are quite soft, but looking forward into next year if tariffs stay in place that could have a profound impact on consumer cost and therefore the consumer parts of the economy,” Fuller said.