Core Insights - The U.S. trucking industry is experiencing significant financial pressure as spot rates have not kept pace with inflation, leading to squeezed carrier margins [1][3] - National trucking spot rates have shown signs of strength, reaching approximately $2.75 per mile as of mid-January 2026, following a rally in late 2025 [1] - There is a substantial gap of about 27% between current spot rates and what they would be if they had matched the cumulative growth in the Consumer Price Index (CPI) since March 2020, which would be around $3.50 per mile [2] Industry Challenges - Owner-operators and small to mid-sized carriers are facing escalating operational costs, including fuel, maintenance, insurance, tires, driver wages, and regulatory compliance, which have all increased sharply since 2020 [3] - Many truckers are operating at breakeven or worse, leading to some exiting the industry entirely, contributing to a gradual tightening of capacity observed in late 2025 and early 2026 [3]