NEW YORK, April 27 (Xinhua) -- The trucking demand is "near freight recession levels," global logistics industry news website FreightWaves on Monday cited Bank of America, adding that shippers' outlook on rates, capacity and inventory levels are matching attitudes not seen since May and June 2020, when pandemic lockdowns sent freight volumes into a historic decline.

       Shippers' view of demand is down 23 percent year over year, while the proprietary Truckload Demand Indicator hit 58, the lowest since June 2020, Ken Hoexter, the managing director of Bank of America's trucking research, wrote in a Friday note to investors.

       Hoexter said that the shippers' view of rates have melted down, hitting a low not seen since May 2020. Bank of America's survey represented views from 44 shippers in industries including retail, consumer goods and manufacturing.

       Meanwhile, these shippers are finding it easy to find capacity to move their loads; outlook on capacity hit its highest level since June 2020. They also noted their view on inventory levels had climbed to its highest point since May 2020, according to the report.

       FreightWaves has previously reported that a "sharp, painful downturn" in the U.S. trucking market is coming. "The Friday note to investors is the latest indicator of the trucking bloodbath that many in the industry are spotting," noted the website in its Monday report.

       "Freight is often looked at as a bellwether for the rest of the economy. If industries ranging from retail to housing to lumber are estimating that they'll need fewer truckers, many economists see that as an omen of an economic downturn," it added.