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Speaker 1: Boom, Bloomberg Audio Studios, podcasts, radio news. You're listening to

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Speaker 1: the Bloomberg Intelligence podcast. Catch us live weekdays at ten am.

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Speaker 1: He's done on Apple, Cocklay and Android Auto with the

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Speaker 1: Bloomberg Business App. Listen on demand wherever you get your podcasts,

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Speaker 1: or watch us live on YouTube.

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Speaker 2: You know, let's get our consumer preferences straight here. I'm

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Speaker 2: a coke person. Do you put pepsi in front of me?

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Speaker 2: I'm just as happy. Same thing with the chocolate front.

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Speaker 2: I identify as a kids say, as a Hershey our person,

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Speaker 2: but you put a Nessi's crunch in front of me boom, Okay,

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Speaker 2: very happy.

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Speaker 3: I don't know about either of those. I'm snobby and

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Speaker 3: I like European chocolate or Japanese chocolate. I don't like

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Speaker 3: this Nesli stuff.

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Speaker 4: All right?

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Speaker 2: Well, I mean now, John is reporting a slashing sixteen

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Speaker 2: thousand jobs. I went to the dees function. They have

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Speaker 2: two hundred and seventy seven thousand jobs, so not that big.

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Speaker 2: But let's check in with Duncan Fox. He covers all

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Speaker 2: the consumer saple stuff over there in the UK and Europe.

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Speaker 2: He's a Bloomberg Intelligence. They had pretty good numbers. Duncan,

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Speaker 2: but there's still this new CEO is taking some head

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Speaker 2: count out. Talked to us about what you learned at Nesley.

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Speaker 5: He certainly grabbed the headline with that sort of sixteen

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Speaker 5: thousand headcount company. As you said, it's six percent of

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Speaker 5: the overall headcount, so it's not huge in the context

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Speaker 5: of the group. But I think the main thing today

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Speaker 5: was that there was not a nasty surprise in that

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Speaker 5: I've had the second he's the third CEO in the year,

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Speaker 5: and obviously the chairman left about a month ago as well,

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Speaker 5: so I think there was fears that maybe there was

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Speaker 5: something underlying in.

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Speaker 4: The business that was going wrong. So the one on

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Speaker 4: halfers and organic.

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Speaker 5: Growth, albeit not huge, is a relief, and I think

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Speaker 5: that's why the shares have really bounced today rather than

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Speaker 5: the wonderful and the headline of the job cuts tell

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Speaker 5: us a.

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Speaker 3: Little bit more about this new CEO strategy overall. I'm

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Speaker 3: curious whether he is rolling out something new completely or

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Speaker 3: is he just kind of doubling down on the existing

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Speaker 3: strategy that his predecessor had laid out.

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Speaker 5: I think he's doubling down. Excuse me. I think there's

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Speaker 5: no doubt they were trying to become a lot more

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Speaker 5: focused on their key brands, but he's sort of broadened

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Speaker 5: that out to the sort of the broader categories, so

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Speaker 5: rather than just looking at say cold coffee with Nescaffee's

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Speaker 5: putting it out to the whole of the coffee brands

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Speaker 5: that they have. So he's definitely being far more aggressive

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Speaker 5: on trying to make sure that the market share on

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Speaker 5: their key brands goes up rather than sort of flat

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Speaker 5: or down. And it looks like he's probably pulled forward

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Speaker 5: some job cuts as well and pushed them into the

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Speaker 5: year to twenty twenty seven rather than sort of keeping

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Speaker 5: them maybe for later into the twenty eight and twenty nine.

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Speaker 5: So yes, he's definitely i think accelerated the process that

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Speaker 5: was probably being discussed anyway in the business.

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Speaker 2: Duncan, I'm just looking at the stock here and over

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Speaker 2: the last five years, Nesley's compounded and your return has

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Speaker 2: been about negative two and a half percent per year,

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Speaker 2: lagging the Swiss index. Here, what's the story? What's the

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Speaker 2: challenge for a company like Nastlie was such a great brand.

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Speaker 5: Well, it's such a big, big company in the food industry,

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Speaker 5: it's got to innovate very very quickly, or it's going

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Speaker 5: to die. They did quite a bit of vegan innovation

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Speaker 5: about two three years ago. Unfortunately, pretty much every one

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Speaker 5: of those products failed because it just didn't taste very good.

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Speaker 5: And I think, to be honest, that was the industry

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Speaker 5: I have the same problem, not just NSLE. You've then

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Speaker 5: got thread of GLP one drugs coming through, so they

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Speaker 5: pushed out a whole new bunch of products on that

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Speaker 5: so that you can have them in conjunction with the

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Speaker 5: drug that you do you're using, so that you don't

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Speaker 5: lose muscle mass and actually be malnourished. So there's a

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Speaker 5: lot of things they need to do, but they've probably

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Speaker 5: not done them quickly enough. That's part of the problem.

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Speaker 5: When you're such a huge company, you've got to make

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Speaker 5: sure that innovation comes out straight away, your first to market,

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Speaker 5: it's at the right price, and then you can win.

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Speaker 5: And when you've had inflation that's been sort of fifteen

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Speaker 5: to twenty percent two or three years on the trot,

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Speaker 5: because of course it's very very difficult to get that

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Speaker 5: right and get the pricing right so that we the

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Speaker 5: consumer buys it consistently and say that's not just I

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Speaker 5: think that's an industry issue which they have to address.

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Speaker 2: Stay with us. More from Bloomberg Intelligence coming up after this.

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Speaker 1: You're listening to the Bloomberg Intelligence podcast. Catch Us Live

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Speaker 1: weekdays at ten am Eastern on Apple, Coarclay, and Android

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Speaker 1: Auto with the Bloomberg Business App. Listen on demand wherever

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Speaker 1: you get your podcasts, or watch US Live on YouTube.

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Speaker 4: Well.

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Speaker 2: United Airlines reported better than expected earnings, citing demand for

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Speaker 2: international travel and premium customers. United CEO Scott Kirby joined

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Speaker 2: at Bloomberg earlier this morning, breaking down twenty twenty five's

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Speaker 2: earnings outlook.

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Speaker 6: First record are really good for United in a lot

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Speaker 6: of macro volatility that happened for the aviation industry. That

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Speaker 6: demonstrates the resilience of our revenue, diverse, brand, loyal business model.

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Speaker 6: But you look to the fourth quarter, it's even more

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Speaker 6: exciting because as the economy started to get back to

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Speaker 6: a solid footing at least for aviation, demonstrates a lot

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Speaker 6: of upside. We think we're going to be able to

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Speaker 6: grow earnings for the full year even in this environment,

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Speaker 6: so it really is creating value for all of our customers.

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Speaker 2: All right, That was United Scott Kirby, a graduate of

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Speaker 2: the United States Air Force Academy. He joined Bloomberg earlier

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Speaker 2: today breaking down the results for the company. Let's check

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Speaker 2: in with George Ferguson, he covers the airlines and aerospace

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Speaker 2: companies for Bloomberg Intelligence. George, what you make out of

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Speaker 2: the United numbers here today? Some of the commentary from

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Speaker 2: mister Kirby.

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Speaker 7: Market looks pretty saturated, So what's that mean. There's a

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Speaker 7: lot of capacity in the marketplace and fares are falling.

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Speaker 7: So if you look at yields at all of the

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Speaker 7: United markets, they're falling year over year. So the price

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Speaker 7: paid per mileflow, it's falling anywhere from sort of two

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Speaker 7: is percent and domestic up to mid single digits. In

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Speaker 7: international Atlantic was a bright spot in prior quarters. Again

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Speaker 7: down I think it was roughly around five percent if

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Speaker 7: I recall correctly. So they put enough capacity in that

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Speaker 7: marketplace that fairs are starting to fall. United grew at

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Speaker 7: like seven percent during the quarter. Capacity it's pretty it's

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Speaker 7: pretty aggressive in an economy that's grown I don't know,

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Speaker 7: two to three percent, So I think that you know,

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Speaker 7: to Scott Kirby's benefit there and Delta as well, you know,

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Speaker 7: the full service carrier is really having a good time

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Speaker 7: of it lately. Loyalty programs are really you know, putting

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Speaker 7: some wind in their sales. Premium is still outperforming basic economy,

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Speaker 7: although it seems like it's sort of we're seeing the

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Speaker 7: revenue growth from premium about the same as capacity growth,

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Speaker 7: maybe a little bit less, which tells me there's a

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Speaker 7: little little bit of price sort of you know weakness

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Speaker 7: maybe starting to show up in that premium world, and

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Speaker 7: basic economy still underperforming. That means Scott's competitors are going

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Speaker 7: to get are going to get banged up in the

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Speaker 7: in the budget world.

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Speaker 3: Right, competitors that are not named Delta specifically. Yeah, United

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Speaker 3: is always mentioned in the same breath as Delta, but

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Speaker 3: kind of as an also ran in comparison to Delta.

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Speaker 8: What would United need.

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Speaker 3: To do to beat Delta at this premium premiumization strategy.

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Speaker 7: You know, Delta really gets a lot of revenue and

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Speaker 7: more than United out of this, you know, the co

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Speaker 7: branded credit card agreement. I think you know what one

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Speaker 7: Delta sort of in there with American Express. It's got

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Speaker 7: you know, maybe American Express lives in its own special

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Speaker 7: world if credit cards I don't know. It feels, you know,

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Speaker 7: to me, I think most of the maybe younger consumers

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Speaker 7: carrying around things like visas and master cards. I don't know,

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Speaker 7: but it seems like that agreement with American Express really

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Speaker 7: drives a lot of revenue for Delta, and I think

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Speaker 7: is a big differentiator. And I think Delta has used

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Speaker 7: that as well as sort of, you know, their premium

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Speaker 7: seating and lounges to put some distance. But when you

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Speaker 7: look at the revenue number, it's all about that credit

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Speaker 7: card agreement with the X.

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Speaker 3: I'm so glad you bring this up because my current

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Speaker 3: obsession is to look on Reddit and look at people

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Speaker 3: who are talking about AMEX Platinum versus the Chase, Sapphire

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Speaker 3: reserve these partnerships with credit card companies, building loyalty for

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Speaker 3: these passengers. How costly is it for Delta to maintain

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Speaker 3: this relationship with AMEX, How costly is it for United

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Speaker 3: to maintain its relationship with Chase.

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Speaker 7: I think it's not costly. I think it's lucrative for them,

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Speaker 7: right because it seems to me that the American consumer.

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Speaker 7: I don't know that I fully understand this, but feels

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Speaker 7: like people go out and buy the credit card for

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Speaker 7: the airline they love. They go put all their groceries,

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Speaker 7: all their Starbucks, all their did dinners out on that card,

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Speaker 7: take those points, accrue them for their summer vacation. Pay

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Speaker 7: five hundred dollars so they get lounge access. They don't.

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Speaker 7: They're not like Paul Swingey just get lounge access because

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Speaker 7: who he is. So they got to pay for it.

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Speaker 7: And so they're willing to spend and hold that card.

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Speaker 7: And the credit card company's sort of taken down as

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Speaker 7: what four or five percent per transaction and buying those

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Speaker 7: miles for the consumer. You know, those miles are some

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Speaker 7: of them do waste away, people don't use them in time, others. Right,

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Speaker 7: the airline provides you the opportunity to get a seat.

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Speaker 7: They don't put all the you know, they don't put

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Speaker 7: all sort of benefit travel in one airplane, right. They

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Speaker 7: they give you the opportunity and airplanes that aren't sold

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Speaker 7: out to get benefit travel. So they kind of, you know,

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Speaker 7: juices up their load factors. They upgrade you if they

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Speaker 7: have space. So I think it's I think it's super

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Speaker 7: lucrative for the airlines. It's really important what credit card

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Speaker 7: deal you cut right now?

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Speaker 8: Yeah, for your bottom line?

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Speaker 3: How much do the airlines talk about this with analysts

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Speaker 3: on their earnings calls, the injured.

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Speaker 7: Seats of this, so you're hearing I mean, look, nobody

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Speaker 7: likes to give away the total intricacy, right because you know,

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Speaker 7: they make it hard for us to figure out what

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Speaker 7: the wastage numbers are, you know, but you can see

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Speaker 7: how this flows to the bottom line quite well. But

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Speaker 7: Delton United talk about it a lot because it really

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Speaker 7: works for them, or maybe I should say talk about

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Speaker 7: it the most in the industry because it really works

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Speaker 7: for them. I think that it's telling that we do

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Speaker 7: hear the you know, the budget low cost carriers talking

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Speaker 7: about their loyalty programs too, but they just pale in comparison.

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Speaker 7: They typically don't give us numbers, but they pay in

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Speaker 7: comparison with what can get done up at Delton United.

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Speaker 2: Stay with us. More from Bloomberg Intelligence coming up after this.

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Speaker 1: You're listening to the Bloomberg Intelligence podcast. Catch us live

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Speaker 1: weekdays at ten am Eastern on Apple, Coarclay, and Android

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Speaker 1: Auto with the Bloomberg Business app. Listen on demand wherever

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Speaker 1: you get your podcasts, or watch us live on YouTube.

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Speaker 8: Let's switch gears and take a look at tech.

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Speaker 3: We can't straight too from tech given that it's the

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Speaker 3: driver of this stock market rally, and today is once

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Speaker 3: again the best performing sector as well, up nine tens

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Speaker 3: of one percent. Led buy the chip makers, and in

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Speaker 3: large part that is because Taiwan Semiconductor Manufacturing TSMC has

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Speaker 3: raised its outlook once again. And I say once again

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Speaker 3: because it did it not so long ago. Man Deep

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Speaker 3: saying is Bloomberg Intelligence is senior tech industry analysts and

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Speaker 3: joins us now. So it seems like very little is

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Speaker 3: stopping TSMC's momentum.

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Speaker 9: Yeah, and look, it's the AI demand that gets reflected

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Speaker 9: in TSMC's margins, like gross margins nearing sixty percent for

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Speaker 9: a fab maker. I mean, look at Intel in its

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Speaker 9: glory days, they were around sixty to sixty five percent

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Speaker 9: gross margins. So clearly TSMC is kind of hitting it

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Speaker 9: stride from a gross margin perspective. But I think when

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Speaker 9: it comes to TSMC, it's obvious to everyone regardless of

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Speaker 9: whether the accelerator is a GPU or a Broadcom custom chip,

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Speaker 9: everyone has to go to TSMC to manufacture the chip.

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Speaker 9: And you want to be in that sort of position

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Speaker 9: because you don't want to pick. Okay, is Nvidia demand

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Speaker 9: going to sustain you through twenty thirty and everyone is

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Speaker 9: kind of trying to reach that point where they have

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Speaker 9: a substitute for Nvidia, So even if there is a substitute,

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Speaker 9: you still go to TSMC. And that's where I feel

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Speaker 9: they are in an NBS position when it comes to

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Speaker 9: the mode that they have developed.

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Speaker 2: Is ASML, the direct competitor to t SMC.

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Speaker 9: No, ASML is one of their suppliers. So TSMC's capex

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Speaker 9: goes to ASML and TSMC by the way they raise

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Speaker 9: their revenue outlook, they also raise their capex because they're saying,

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Speaker 9: we need to expand capacity to fulfill all the demand

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Speaker 9: that the twenty six gigawatts that open Ai has signed

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Speaker 9: up for in the last one month. Yep, they need

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Speaker 9: more capacity to TSMC and they need to buy more

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Speaker 9: SML equipment. So I think it's that chain where TSMC

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Speaker 9: suppliers also benefit because of that insatiable demand.

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Speaker 3: Okay, So tsbm C plays this critical role in the

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Speaker 3: supply chain, and I guess the idea is to get

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Speaker 3: Intel to become kind of like a TSMC.

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Speaker 8: How long of an effort is that going to be.

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Speaker 3: I mean, this is not something that can be done

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Speaker 3: before the end of President Trump's term, is it.

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Speaker 9: Well, so the way things work in the semiconductor manufacturing

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Speaker 9: world is you go, you know, step by step, and Intel,

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Speaker 9: for the longest time under Pat Gelsinger try to jump,

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Speaker 9: you know, three steps and directly go from like twelve

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Speaker 9: nanometer to five nanometers.

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Speaker 2: I see that didn't happen.

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Speaker 9: So you really have to go step by step. And

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Speaker 9: that's where Intel has struggled because there is no shortcut

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Speaker 9: you've become a leading note manufacturer overnight. Even if you

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Speaker 9: buy the best ASML equipment. It doesn't happen that way,

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Speaker 9: and you need that expertise, both on the human talent

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Speaker 9: side as well as the latest equipment, which is where

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Speaker 9: Intel faltered. So I don't see a shortcut. But that

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Speaker 9: being said, there are parts of that AI chip ecosystem

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Speaker 9: where Intel may get some business if the government pressures

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Speaker 9: you know, all the hyperscalers and these guys to say, okay,

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Speaker 9: you have to use Intel capacity because we want to

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Speaker 9: onshore manufacturing and that should help Intel.

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Speaker 2: All right, let me ask my question another way. Who

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Speaker 2: is the competitor to TSMC? Is there a viable competitor

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Speaker 2: TSMC today.

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Speaker 9: Well, so Intel is the closest competitor on the foundry side.

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Speaker 2: You have sound very close, it's not very close.

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Speaker 9: You have some Chinese foundry competitors too, which China wants

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Speaker 9: to be self sufficient in everything they do when it

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Speaker 9: comes to the chip side, from accelevators to manif factoring.

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Speaker 9: They have their own foundry. But it's the same problem.

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Speaker 4: Even if you.

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Speaker 9: Switch to internal foundry, they are way behind in terms

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Speaker 9: of leading node manufacturing.

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Speaker 2: That's how did we get here? How did we get

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Speaker 2: to a place if I'm the global if I'm an

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Speaker 2: Apple or whatever, How did I let my industry get

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Speaker 2: to the point where I have to depend upon one supplier?

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Speaker 9: Well, Apple helped them get there because before this AI

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Speaker 9: mave happened, smartphones is where you needed the latest manufacturing capabilities.

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Speaker 9: And Apple, I mean clearly, they had such a big

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Speaker 9: ramp when it comes to their smartphone install base and

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Speaker 9: they did the entire thing in Asia with the help

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Speaker 9: of PSMC and Fox con. So it's really led by Apple.

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Speaker 9: Why if you're here.

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Speaker 8: They're chasing growth. I mean that's what you do. You

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Speaker 8: go for the most efficient way possible. And that was CSMC.

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Speaker 2: Pretend that I know about technology.

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Speaker 8: I just know these are great questions, These are fantastic.

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Speaker 2: I mean, I'm like John Tucker character level.

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Speaker 8: Fortunately, we have man Deep here with us.

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Speaker 3: Mandy, very quickly, just tell us about what's going on

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Speaker 3: with Apple AI efforts, because every day it seems to

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Speaker 3: be some other executive who was doing something AI at

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Speaker 3: Apple has moved on.

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Speaker 9: Yeah, and so Apple is great at making hardware, but

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Speaker 9: when it comes to AI and llms, they've missed the boat.

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Speaker 9: And right now the researchers are saying Meta or a

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Speaker 9: Google has a lot more compute to offer in terms

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Speaker 9: of you know, being a researcher. And that's where you know,

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Speaker 9: all the deals that Opening Eye is doing, that Meta

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Speaker 9: is doing, it's basically getting the compute for the researchers,

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Speaker 9: not for deploying AI, but for the researchers. So it's

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Speaker 9: a great magnet for all the researchers to come in

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Speaker 9: and you know, use that compute.

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Speaker 2: Stay with us. More from Bloomberg Intelligence coming.

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Speaker 4: Up after this.

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Speaker 1: You're listening to the Bloomberg Intelligence podcast. Catch us live

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Speaker 1: weekdays at ten am Eastern on Apple, Coarplay and Android

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Speaker 1: Auto with the Bloomberg Business App, listen on demand wherever

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Speaker 1: you get your podcasts, or watch us live on YouTube.

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Speaker 2: Nice sleepy old transportation company JBHT JB Hunt, big, big

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Speaker 2: trucking company, which is really I think a great bell

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Speaker 2: Weather for just kind of where the economy is or

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Speaker 2: how's commerce out there? You can track it by talking

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Speaker 2: to some smart people who cover the whole logistics space

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Speaker 2: like Lead Clascow for Bloomberg Intelligence. Ley talk to us

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Speaker 2: about JB Hunting. For those are listeners and viewers that

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Speaker 2: don't know JB Hunt tells what this company does and

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Speaker 2: why it's important.

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Speaker 4: Yeah. Sure. They are actually more than just a truck

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Speaker 4: and company.

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Speaker 10: They're really a diversified transportation provider and they have a

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Speaker 10: lot of different businesses. Trucking is one of their businesses,

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Speaker 10: their truckload business, and they also do its. Their biggest

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Speaker 10: and most profitable is their intermodial business, so that is

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Speaker 10: a container that will start on a truck and then

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Speaker 10: goes on a rail and then is final delivered by

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Speaker 10: a truck. And they also in addition to that, they

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Speaker 10: have a final mile business, so think of getting your

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Speaker 10: exercise equipment or furniture delivered to your home. They have

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Speaker 10: a freight broker in business, which is kind of it

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Speaker 10: brings together capacity providers and shippers. It's a non asset business,

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Speaker 10: and they also have a dedicated business. So a lot

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Speaker 10: of companies will kind of outsource their fleet to companies

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Speaker 10: like JB.

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Speaker 4: Hunt.

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Speaker 10: So there their hands are in a lot of different

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Speaker 10: parts of the freight UH freight markets. And to your point,

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Speaker 10: they are a bellweather because they do touch on so

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Speaker 10: many different modes and industries.

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Speaker 3: Who's their competitor, who's their biggest competitor in doing all

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Speaker 3: this or is the market kind of split up based

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Speaker 3: on geographic location.

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Speaker 10: Sure, well, there are companies that are similarly set up

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Speaker 10: to Jbhunt, like a Schneider those are those orange trucks

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Speaker 10: that you see on the road, but like a Werner,

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Speaker 10: trucking company has a big dedicated business. C. H. Robinson

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Speaker 10: has is a huge brokerage business. Hub Group is another

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Speaker 10: intermodial marketing company who does the intermodial UH stuff.

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Speaker 4: So they have a lot.

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Speaker 10: Of different competitors within within the market. But some of

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Speaker 10: the largest publicly traded trucking companies besides JB. Hunt, Werner,

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Speaker 10: and Schneider are Heartland and Knights Swift or some of

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Speaker 10: the large truckload carriers, and there's a whole sub segment

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Speaker 10: of less than truckload which JB. Hunt plays very little,

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Speaker 10: and it's only their playing in their brokerage business.

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Speaker 2: So leave based on your history covering the trucks, how

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Speaker 2: do you look at them and their business models as

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Speaker 2: kind of reflective of maybe how the US economy is going.

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Speaker 4: Well.

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Speaker 10: You know what I would say is, you know, their

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Speaker 10: stock is on fire right now, and that's really driven

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Speaker 10: the fact that they outperformed in the third quarter. A

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Speaker 10: lot of that has to do with them doing company specific,

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Speaker 10: company driven cost cutting measures.

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Speaker 4: So it's not so much about the macro. It's kind

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Speaker 4: of more about you know, what is JB. Hunt doing?

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Speaker 10: And they've increased their productivity or reduced costs around twenty

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Speaker 10: million dollars, which added sixteen cents to the bottom line

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Speaker 10: and helped fuel that beat. You know what I would

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Speaker 10: say though to the macro is we were pretty interested

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Speaker 10: in management's comments on the peak season. So you know,

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Speaker 10: they are expecting a peak season this year, maybe not

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Speaker 10: a very strong one, but you know, we're going into

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Speaker 10: the peak season. I think it's going to be pretty muted.

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Speaker 10: We still kind of think that, but you know, we'll

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Speaker 10: see how it ends up playing. You know, our thoughts

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Speaker 10: are the consumers weakening. Consumer confidence is going down, and

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Speaker 10: you had a lot of pull forward demand and you

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Speaker 10: know what Jabi Hunt would say is some of that

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Speaker 10: freight just got to the ports and now it needs

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Speaker 10: to move inland. So we'll see what transpires. But you know,

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Speaker 10: we're not expecting a very robust peak season this year.

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Speaker 8: Paul, what were you saying earlier about turnover for jab

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Speaker 8: Hunt drivers?

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Speaker 2: Yeah, the turnover is super super high in the trucking industry.

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Speaker 2: Really talk to us about the state of the of

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Speaker 2: that part of the business just I guess attracting and

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Speaker 2: retaining drivers.

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Speaker 4: Yeah, so it's really interesting.

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Speaker 10: I'm going to pivot a little bit because you know,

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Speaker 10: with the new with THEE well they're so new anymore.

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Speaker 10: With the Trump administration, they're really focused on enforcing rules

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Speaker 10: that are already on the books and so you know,

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Speaker 10: there are certain standards that drivers have to have to understand,

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Speaker 10: understand and read the English language, and they are really

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Speaker 10: going out there and kind of enforcing those rules. You know,

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Speaker 10: we had Werner's CEO, Derek Leathers on our podcast to

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Speaker 10: do a podcast by the way called Talking Transports. There

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Speaker 10: you got available wherever you get podcasts, good anyway, and

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Speaker 10: he said that you know, that could impact five to

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Speaker 10: fifteen percent of supply, and truckload rates have been really

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Speaker 10: depressed over the last three years.

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Speaker 4: We've been in a freight recession.

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Speaker 10: A lot of that has to do with the fact

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Speaker 10: that there's so much capacity out there, and this could

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Speaker 10: take some of that capacity out. Also, there's something the

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Speaker 10: DOT issues non domicile CDLs. They are stopping doing that,

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Speaker 10: and any non domicile CDLs that get try to get

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Speaker 10: renewed are probably not going to get renewed.

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Speaker 4: Act.

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Speaker 2: That's actually the driver's license right.

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Speaker 4: Yeah, for on US citizens.

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Speaker 10: So you're going to see that kind of leave the

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Speaker 10: market as well, and that could be the catalyst to

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Speaker 10: tighten the market. And we don't think it's going to

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Speaker 10: like flip on a dime. It's going to be gradual

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Speaker 10: and that is a good thing because the capacity that's

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Speaker 10: been out there, the slack capacity has been really stubborn

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Speaker 10: to get out of the market.

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Speaker 3: What are the prices or what are the wages for

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Speaker 3: a truck driver? I'm just curious given all the challenges

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Speaker 3: that you just explained.

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Speaker 10: Yeah, well, most truck drivers get paid by the mile.

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Speaker 10: I don't really know what the latest rates. I think

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Speaker 10: it's like fifty cents a mile or something like that.

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Speaker 10: And so you know, that's how they tend to get

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Speaker 10: paid by the mile. And you know, being a truck driver,

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00:22:44,040 --> 00:22:46,360
Speaker 10: as Paul, as you mentioned, there is a lot of turnover.

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Speaker 10: A lot of that has to do with people get

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00:22:47,960 --> 00:22:51,679
Speaker 10: into the industry not really knowing what to expect.

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Speaker 4: It is not an easy job. It's a tough job.

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Speaker 10: It's an important job because obviously most of the things

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00:22:57,840 --> 00:22:59,680
Speaker 10: that you and I buy at the stores come via

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Speaker 10: truck and kind of moves the economy. It's very important

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Speaker 10: to the economy. But it is a tough job because

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Speaker 10: some of these jobs, these these folks are away from

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Speaker 10: their friends and families for weeks at a time, and so,

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00:23:12,560 --> 00:23:14,440
Speaker 10: you know, the industry is trying to do what it can,

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00:23:15,040 --> 00:23:17,840
Speaker 10: you know, at least, if you're a company driver, you know,

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00:23:17,880 --> 00:23:20,679
Speaker 10: trying to get them home as much as possible and

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Speaker 10: at least having a schedule which they can rely on

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Speaker 10: so if they need to be somewhere, they know, you know,

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00:23:25,960 --> 00:23:28,480
Speaker 10: they'll be home in time to go to their daughter's

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00:23:28,520 --> 00:23:30,480
Speaker 10: wedding or their son's birthday party or something.

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Speaker 1: This is the Bloomberg Intelligence Podcast, available on Apple, Spotify,

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