Five interesting things that Hodges Capital research analysts discovered this week...

#1 TRUCK ORDERS: ACT Research released preliminary November orders for Class 8 commercial trucks of 41,700 units, a year-over-year increase of 28% and a sequential increase of 28%. Although the current freight market remains challenged, new Class 8 truck demand is likely supported by replacement demand from truckload carriers that held off on purchasing trucks during the pandemic.

#2 POPULATION BUST IN 57 YEARS? The latest Census Bureau projections predict a decline in the U.S. population for the first time in history. The recently forecasted data shows the population peaking at 370,000,000 in 2080 and then decreasing.    

#3 USED VEHICLE TRENDS: According to Black Book, the inventory of used vehicle supply days increased to 55 from 53 days last week and from 50 days two weeks before. Wholesale vehicle prices also continued to decline modestly last week.    

#4 IT’S BACK: Bitcoin recently hit a 19-month high at $41,819. Although this is well off the 2021 high of over $64,000, the recent move suggests the market has set aside fear and is more open to taking risk after a difficult period of rising interest rates. Gold is also at an all-time high.

#5 RIDING THE RAILS: As reported by the AAR, total North American railroad volumes are down 3% year-to-date through November but have turned up 1.7% year-over-year in the final week of November.  

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