There is good news from the truck sector after Class 8 truck orders were reported by ACT Research to have rebounded from a weak month in July.
Preliminary North American Class 8 net orders in August were 21,600 units, while North American Classes 5-7 net orders were 18,400 units. The firm said extended backlogs, order seasonality, and still-closed 2023 order boards may have been factors in the industry recovering from the weak level of orders in July.
"In spite of increased economic uncertainty, carrier profitability and unmet demand continue to support activity," noted ACT Senior Analyst Eric Crawford.
Sector watch: PACCAR (NASDAQ:PCAR), Allison Transmission (ALSN), Cummins (CMI), Wabash National (WNC), Eaton (ETN), Daimler Truck (OTCPK:DTRUY), Volvo Group (OTCPK:VOLAF), J.B. Hunt Transport Services (JBHT), TuSImple (TSP), Nikola (NKLA), and Hyliion Holdings (HYLN).