National tender volume retreated more than 5% over the past week, in continuation of the now more than 15% slide since Thanksgiving. In a year in which seasonal patterns have been ignored and chaos has reigned, volumes are actually following a seasonal path into the Christmas holiday, albeit at a much higher level than normal. The Outbound Tender Volume Index (OTVI) has declined on average 6%-8% over the past three-week period in previous years, but due to the extraordinarily high base this...
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