S&P sees trucking sector weakness through 2009

In addition to the industry-specific problems, weak consumer spending and a slumping housing market in the U.S. are compounding problems for truckers because they haul a large portion of consumer goods in the country, S&P said.

S&P predicts consumer spending will rise this year at about half the rate it did in 2007.

S&P expects these factors to result in weak earnings in the trucking sector through the end of the year. The agency expects capacity reductions to start bringing the sector into better balance next year, but said a turnaround is unlikely until late 2009.