Swonk and Smith steer through a vital industry’s issues
The transportation industry suffered a number of setbacks under COVID-19, including a lack of drivers, and container and trailer shortages from a limited supply chain. An immediate hiccup comes in the form of a slowing thirst for goods, as newly vaccinated consumers amp up a search for services.
Said Grant Thornton’s Chief Economist Diane Swonk, “What we’ve really seen in the pandemic and as we come out of it….is that the transportation sector has been hit in many ways, in the demand for transportation and trucking and in terms of the bottlenecks in supply chains.”
Randolph Smith, Grant Thornton’s Transportation Industry leader, concurred and added, “Driver shortages have been an issue for decades, and this has been exacerbated by the pandemic.” Companies have increased driver compensation and recruited younger employees who have served in the military, he said, with mixed results.
Listen to what else they talked through.