Analysis from our friend Dr. Jason Miller at Michigan State University:
We see spot rates have cooled down to late 2017 levels. In contrast, the BLS PPI index has been heading solidly upward. Since the vast majority of truckload freight moves under contract, the BLS data is capturing contract rates. Consequently, what we see is that the spot market premium has eroded substantially in the past few months.
The implication: tender rejections are going to be a lot lower. *BL