nd 2019, when new orders run below replacement demand, the market is cleansed of excess capacity, which sets up the industry for the next upcycle. Taken all together, the macro outlook for trucking in 2020 is starting to look bullish and like the next upturn is on the horizon with volumes (OTVI.USA) increasing almost 5% year-over-year for the last two months, high trucking bankruptcies, spot rates bottoming out near operating cost per mile and contract rates finally inflecting negative year-over-year.

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