— and it’s another sign of the trucking ‘bloodbath’ that’s slamming the $800 billion industry

Trucking has seen a challenging 2019, with truck drivers like Chad Boblett in Lexington, Kentucky, saying the industry is in a “bloodbath.”

The data backs up Boblett’s claim, particularly when it comes to new orders of big rigs. According to the most recent data from FTR Transportation Intelligence, October orders of heavy-duty trucks were down by 51% from last year. October is typically the hottest month for new truck orders, and this October’s orders hit a three-year low, the weakest since 2016.

Steve Tam, the vice president of ACT Research, a leading publisher of commercial vehicle data, said that when it comes to trucks, we’re seeing the biggest volume change in nearly four years and the largest price drop in three years. The market dip is forcing major layoffs at Cummins

Those market trends are affecting Cummins, a manufacturer of heavy equipment in Columbus, Indiana. It’s the largest manufacturer of Class 8 truck engines, claiming a 38.3% market share in 2018 over competitors like Daimler and Volvo/Mack and $23.8 billion in revenue.

Jon Mills, a Cummins representative, confirmed to Business Insider that the company, which employs some 62,610 people globally, would reduce its global workforce by about 2,000 by the first quarter of 2020.

It’s not clear which Cummins locations or departments will be affected by the layoffs.

“As we communicated to our employees last week, demand has deteriorated even faster than expected, and we need to adjust to reduce costs,” Mills said in an emailed statement.

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