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Outbound tender volumes (OTVI.USA) rose by 8.34% week-over-week. Much of this rise can be attributed to the timing of Thanksgiving. Nationally, outbound tender volumes fell 3.01% year-over-year this week. Month-over-month volumes were down 1.68%.
We will be keeping an eye out for the emerging true run-rate of volumes on a year-over-year basis in coming weeks as the volume picture is murkier than emerging, strong rejection rates and new life seen in spot rates as they climb above $1.50 per mile.
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Fourteen of the 15 markets FreightWaves tracks were positive on a week-over-week basis. Markets with the largest gains in OTVI.USA were: Indianapolis, Indiana (18.24%); Dallas, Texas (16.87%); and Savannah, Georgia (14.74%). The steepest and only week-over-week drop was Laredo, Texas, which fell 9.19%.
SONAR: OTVI.USA
SONAR: OTVIY.USA
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National Rejection Rates Pick Up Steam In Breakout To The Upside
National tender rejections (OTRI.USA) are on a sustained tear, finishing up the week at 7.96%. While this is just 2 basis points (bps) above last week's finish, OTRI.USA has risen 288 bps in the past month.
OTRI.USA has now broken above the 6% level for three consecutive weeks. This is the first time outbound tender rejections have remained above 6% for consecutive weeks since March 2019.
On a year-over-year basis, rejections are still down 460 bps from 12.56% last year. On a trending basis, OTRI.USA continues to strengthen, having risen in 13 of the last 16 weeks, with tender rejections rising off of the 3.75% bottom experienced in mid-August. National tender rejections have now moved comfortably above their 60-day moving average by 37.72%.
Year-over-year comparables for national rejection rates are still difficult due to the daunting 2018 numbers when rejections never fell below double digits. As a result, on a year-over-year percentage basis, OTRI.USA is down 37%. As can be seen in the chart below, comparisons start to ease soon though in the January and February 2020 time frame.
SONAR: OTRI.USA
Image Sourced from Pixabay
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.