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“What you’re seeing right now clearly is something of a relief rally when people have been pretty negative on the prospects for both FedEx and UPS,” said Ari Rosa, an analyst at Citigroup.

The casualties are believed to include Captain Richard Wartenberg, First Officer Lee Truitt and International Relief Officer Captain Dana Diamond, UPS said in a statement. 

Data provided to Transport Topics shows an acceleration in carrier capacity exits, and observers see a number of macroeconomic dominoes starting to fall into place.

"This comes as AI adoption, softening consumer and corporate spending, and rising costs drive belt-tightening and hiring freezes,” Challenger, Gray & Christmas said in the report.

First responders were searching for more victims Nov. 5 after a UPS cargo plane crashed and exploded in a fireball at the company’s global aviation hub in Kentucky, killing at least 12 people.

The death toll from a UPS Inc. cargo plane crash rose to 12 as investigators began looking into what caused the fiery Nov. 4 accident near the company’s global hub in Kentucky.

ACT noted continuing concerns over moderating economic activity, weak for-hire carrier profitability and ambiguous government policy remain as challenges to trailer demand.

Paccar expects to seize a bigger U.S. heavy-duty truck market share once the Section 232 import tariffs on medium- and heavy-duty trucks and parts go live Nov. 1.

"September’s tonnage level was essentially the same as in September 2023, underscoring the tough freight market over the last few years,” said ATA Chief Economist Bob Costello.

The Project44 2025 Annual State of Consumer Holiday Shopping Report found that 40% of consumers have capped their holiday budgets at $500 amid economic uncertainty.