Rates bounced up for a week but underlying fundamentals stayed soft.

Infections jumped 1,300% since our January 27 note.

Volumes and rates were up on favorable year-over-year comparisons.

Contracted truckload volumes go negative year-over-year.

We experiment with a Landstar BCO dataset to get a read into absolute capacity.

Trucking markets slide into typical January conditions.

Our first warning about coronavirus risks to international trade and supply chains.

Three factors are contributing to a tough environment for operators of trucking assets.

Intermodal markets stay relatively stable, though volumes improve somewhat compared to the four week average.

Tender rejections held steady at about 7.5% and demand was flat year-over-year.