Industry maintains strong economic outlook

U.S. logistics and transportation industry professionals maintained their strong economic outlook in the third quarter, according to survey data from transportation technology provider TCompanies Inc., released today.

Nearly three-quarters of companies surveyed said they are optimistic about the the U.S. economy over the next three months, with 80 percent predicting increased revenues and 73 percent predicting increased profitability. TCompanies' Q3 survey was conducted in October.

Despite the optimism, respondents pointed to inflationary pressures and hiring challenges moving forward. Fifty-six percent of companies surveyed said they plan to increase prices in the fourth quarter due to inflation, and 47 percent said that a workforce shortage will be their biggest obstacle to growth over the next quarter.

Nearly 64 percent of companies said they will need to hire more employees in the fourth quarter, and the majority of companies—52 percent—said they expect wages to remain constant. Forty-seven percent of companies say they will increase wages during Q4.