{"resources": [{"current_count": 25, "title": "Industry Update: Refuse and Recycling Winter 2024", "id": 5790, "content_body": "The robust industry conditions of last year, highlighted by exceptional pricing strength within a backdrop of multi-decade high inflation, are a tough act to follow and not likely to be repeated. Still, the industry margin and cash flow setup for 2024 remains positive, with moderating internal cost inflation helping to offset a less robust CPI-based pricing environment. Incremental operating synergies from vigorous acquisition activity over the past few years and the potential for elevated recycling commodity prices should also support margin expansion. Additionally, the anticipated start of government-sponsored infrastructure projects and the Fed loosening by mid-year should result in volume tailwinds from increased C&D and industrial activity and a more robust M&A environment.\r\n\r\n \r\n\r\nFULL REPORT", "teaser": "The robust industry conditions of last year, highlighted by exceptional pricing strength within a backdrop of multi-deca", "arrow_text": "Learn more", "resource_list_link": "default_button", "url": "/en/us/resource/trucking/refuse-recycling/industry-update-refuse-and-recycling-winter-2024/", "image": "https://commercial.bmo.com/media/filer_public/5a/a3/5aa31b7b-7eff-49c6-a42a-a9c4ecd10249/winterrefuse_0_20_368_222.png", "thumbnail": "https://commercial.bmo.com/media/filer_public/5a/a3/5aa31b7b-7eff-49c6-a42a-a9c4ecd10249/winterrefuse_66_0_336_246.png", "image_alt_tag": "Refuse and Recycling Winter", "authors": [{"name": null, "url": null, "guest": null}], "date": 1711083600000.0, "date_formatted": {"year": 2024, "month": 2, "day": 22, "hour": 0, "minute": 0, "second": 0, "dayOfWeek": 4, "dayOfYear": 82}, "primary_category": "Trucking", "primary_category_url": "/en/us/industry-expertise/us-trucking/", "secondary_category": "Refuse & Recycling", "secondary_category_url": "/en/us/industry-expertise/us-trucking/refuse-recycling/"}, {"current_count": 25, "title": "Industry Update: Truck Transportation Winter 2024", "id": 5789, "content_body": "With a few notable exceptions for retail sales, industrial production, and housing starts, recent US macro data, particularly payrolls, wages, headline real GDP and CPI/PPI, has run hotter than expected. As a result, the futures markets are moving toward an out-of-consensus view by BMO economists that March and even May were too early for the Fed to cut rates. Regardless of the timing, any reduction in interest rates as a by-product of sustainably low inflation rather than poor economic conditions will create a positive setup for improving demand-side trucking fundamentals, particularly in significant truck freight-generating sectors such as retail, housing, and manufacturing. From the supply side, although relatively low fuel prices have kept many poorly positioned carriers in the market for longer than expected, other operating costs (insurance, maintenance, etc..) remain high enough and freight rates low enough that net carrier exits should remain a theme for months to come.\r\n\r\n \r\n\r\nFULL REPORT", "teaser": "With a few notable exceptions for retail sales, industrial production, and housing starts, recent US macro data, particu", "arrow_text": "Learn more", "resource_list_link": "default_button", "url": "/en/us/resource/trucking/industry-update-truck-transportation-winter-2024/", "image": "https://commercial.bmo.com/media/filer_public/b1/37/b137a8de-4d4a-466d-9d90-30e69556ccea/truckwinter_0_27_358_225.png", "thumbnail": "https://commercial.bmo.com/media/filer_public/b1/37/b137a8de-4d4a-466d-9d90-30e69556ccea/truckwinter_97_0_344_225.png", "image_alt_tag": "Truck Transportation in winter", "authors": [{"name": null, "url": null, "guest": null}], "date": 1711083600000.0, "date_formatted": {"year": 2024, "month": 2, "day": 22, "hour": 0, "minute": 0, "second": 0, "dayOfWeek": 4, "dayOfYear": 82}, "primary_category": "Trucking", "primary_category_url": "/en/us/industry-expertise/us-trucking/", "secondary_category": null}, {"current_count": 25, "title": "Industry Update: Truck Transportation Fall 2023", "id": 5631, "content_body": "Following the best quarterly GDP growth since the 4th quarter of 2021, a growing collection of more recent data points confirms the overall macro slowing that BMO economists forecast over the next year. Nonetheless, BMO’s call for a soft landing with no recession is intact, and most importantly, the increasing likelihood that the Fed Funds rate tightening cycle is over. That said, BMO is also holding to the expectation that any explicit easing by the Fed will have to wait until the 3rd quarter of next year. At the industry level, truck freight rates and, likewise, active truck capacity utilization have stabilized at low levels and are expected to improve very gradually throughout 2024. However, beyond seasonal tightening, any enduring improvement over the next several quarters will not necessarily come from a surge in freight tonnage but rather the rebalancing of freight-carrying capacity from the ongoing exit of marginally viable carriers that poorly timed their entry into the market during the peak freight cycle of the pandemic era.\r\n\r\n \r\n\r\nFULL REPORT", "teaser": "Following the best quarterly GDP growth since the 4th quarter of 2021, a growing collection of more recent data points c", "arrow_text": "Learn more", "resource_list_link": "default_button", "url": "/en/us/resource/trucking/industry-update-truck-transportation-fall-2023/", "image": "https://commercial.bmo.com/media/filer_public/59/df/59df2948-8798-4d63-a46c-2202f98699c4/blue_truck_0_42_783_474.jpg", "thumbnail": "https://commercial.bmo.com/media/filer_public/59/df/59df2948-8798-4d63-a46c-2202f98699c4/blue_truck_110_0_675_516.jpg", "image_alt_tag": "Blue truck", "authors": [{"name": null, "url": null, "guest": null}], "date": 1701928800000.0, "date_formatted": {"year": 2023, "month": 11, "day": 7, "hour": 0, "minute": 0, "second": 0, "dayOfWeek": 3, "dayOfYear": 341}, "primary_category": "Trucking", "primary_category_url": "/en/us/industry-expertise/us-trucking/", "secondary_category": null}], "default_resources": []}