COLUMBUS, Ind. -- Commercial vehicle net orders remained soft in May, as truck fleets continue to show a reluctance to take on sizeable loans, according to the latest analysis from ACT Research.
Preliminary Class 8 orders were up from April but Classes 5 and 6-7 orders were down from the previous month.
The final numbers are expected to total 18,000 Class 8 units and 13,100 Classes 5-7 vehicles, ACT announced.
“As has been the case the past two months, the issue appears to center on credit-buying truckers’ confidence in the economy relative to the risk of taking out a sizeable loan,” said Kenny Vieth, president and senior analyst, ACT Research. “Highlighting the notion that the recent pullback in orders is a confidence rather than freight related issue, cancellations in recent months have remained at low levels. Beyond confidence, the demand check boxes remain positive, suggesting that the pull-back is temporary. Of course, we are approaching the period of the year that is associated with order weakness: July and August are typically the softest order months of the year.”