LTL Market Stability
When your supply chain is planning out your transportation strategy, and you are determining your LTL shipping needs, you might notice the occasional uncertainty in the LTL market. Factors like new regulations and worker strikes can alter the market, and these alterations could impact your LTL plans. There is some good news for the LTL market in the beginning of 2014: UPS Teamsters approved a new 5-year contract. The contract does approve a new wage increase for the Teamsters. With UPS being the 4th largest LTL carrier in the United States, this is significant news in shipping. Freight forwarders are rejoicing because now this agreement adds a little bit of stability to the LTL shipping market.
However, there is another potential labor issue on the horizon. YRC Teamsters recently voted against a deal for a contract extension. YRC is the 2nd largest LTL carrier in the United States. They have some important debt deadlines approaching as well. Although there could be deal in the future with the teamsters, this is not exactly positive for the LTL market. Hopefully, this teamster issue can be resolved soon so that the shipping industry can thrive and serve businesses across the nation.
When dealing with instability in the LTL market among different trucking carriers, the best thing that a business can do is to use instant LTL freight shipping quote software. Shippers will be able to compare rates from leading carriers. This will save time in the planning stages, and you will save on transportation costs.