OTRI

Outbound tender rejections fell this week due to the Thanksgiving holiday and so it is best not to read too much into current trends. Declining volumes are typical this time of year due to driver preferences aimed at seeking out freight that gets them home. Prior to the holiday drop-off, spot rates, tender volumes and rejections were all affirming the continued strength of the market and we expect a rebound moving forward.

The truckload market has been driven by the consumer in 2020. And while...

https://s29755.pcdn.co/news/outbound-tender-volumes-slip-due-to-holiday-but-rejections-notch-all-time-high

Both truckload tenders and tender rejections rose this week. If spot rates continue to exhibit their recent lagging relationship with tender rejections, spot rates could inflate over the next few weeks. Also, with Thanksgiving just a week away, drivers will be seeking freight that drives them toward home, which could push rejections and spot rates higher. 

The truckload market has been driven by the consumer in 2020. And while we still expect a strong holiday truckload and parcel market due to a...

https://s29755.pcdn.co/news/outbound-tender-volumes-and-rejections-return-to-all-time-highs

Both the Outbound Tender Volume Index (OTVI), representing the contract market, and the spot volume indices from Truckstop.com took legs up this week. 

The holiday outlook for truckload and parcel demand is strong, driven by consumer spending that has been weighted heavily toward goods over services since the pandemic began. Peak season is underway and shippers’ requests for trucking capacity will likely continue to rise.

A host of recent economic data is bolstering our confidence in the outlook. 

https://s29755.pcdn.co/news/outbound-tender-volumes-keep-cruising-higher

The volume picture remains bright for most of the logistics industry. Recent economic data, while lagging, is remarkably positive: Consumer confidence continued to climb in October, durable goods demand exceeded expectations in September and consumer spending notched a 1.9% growth rate in September. Even data out of the manufacturing sector exceeded expectations this week — the ISM manufacturing index came in at 59.3%, the highest value in two years. 

The Outbound Tender Volume Index has...

https://s29755.pcdn.co/news/outbound-tender-volumes-hold-strong-as-peak-season-begins

Freight demand flatlined this week, with the Outbound Tender Volume Index rising 15 basis points to 15,522. OTVI has been roughly flat at an elevated level since mid-August. Freight market conditions eased considerably over the course of October compared to the two months prior, but capacity remains scarce and expensive. 

On an accepted-tender basis, contract volumes are running up 24% over last year. Last year’s peak season was strong but not record-setting as this year is poised to be. The...

https://s29755.pcdn.co/news/outbound-tender-volumes-remain-robust-tender-rejections-slip-modestly

The freight market continued to cool this week ahead of what we expect to be a strong holiday season. The Outbound Tender Volume Index (OTVI) has been oscillating at a very high level since Labor Day; this week it rose 3% from last week.

While freight market variables have eased since Oct. 1 (volumes, rejections and spot rates are all down but only slightly), each has come down from near-historic highs. As the Passport team noted in its most recent trucking markets report, “We believe this...

https://s29755.pcdn.co/news/outbound-tender-volumes-keep-chugging-along-at-a-high-level

The Outbound Tender Volume Index (OTVI) has been slowly slipping since Labor Day but still remains at very high levels. The index currently sits at 15,056, which is 5% lower than the beginning of the month and nearly 3% off last week. Today’s value is the lowest non-holiday value since mid-August but still well above each of the previous two years. 

Despite the lukewarm recovery of the labor market, consumer spending and confidence have improved and stabilized. Retail spending (excluding auto)...

https://s29755.pcdn.co/news/outbound-tender-volumes-stay-hot-but-slip-a-little