The chief economist of ATA stated that the spot market is facing declination this year, but, the
positive thing is the fact that contract business and the potential improvement of negations
between the U.S and China have been at the helm of helping keep the freight market up and
running. Bob Costello reiterated that the freight levels are at a high and solid. He added that the
impact of the decline of the spot market on the industry for the past two years could not go
unnoticed. He stated that in 2017 and 2018, the performance was favorable compared to the
current state of affairs.

Costello noted that despite the spot market is a small segment of the trucking industry; its decline
adversely affected the companies that highly rely on it. He added that the fact that the expenses
for most companies have gone a notch higher, the drop will lead to plenty of changes. Costello,
however, stated that the positive thing is that the contract business has been stable, unlike the
spot market.

Vice president of research development and industry analysis for the National Retail Federation,
Mark Matthews, stated that consumer goods together with foods and beverages had kept the
trucks on the road. He claimed that despite being hard to be replicated, last year's season had a
sharp peak, and the consumer sector is still active. On the other hand, the manufacturing industry
is on the decline, according to the National Association of Manufacturers, experiencing a dip of
0.4% year-over-year through August.

Costello fired a warning that with the current economic, environmental trend, trucking firms will
feel the impact on the negative side. He claimed that most businesses would, therefore, have to
operate without accruing any revenue due to the pressure that will result from the softening
economic environment.

Reports from Broughton show that during the first quarter of 2019, 640 freight companies closed
up. Each had an average of 30 drivers, around 20,075 trucks were taken off the road as a result.
During the same period in 2018, only 175 companies were closed, each averaging at nine drivers,
and 1550 trucks being taken off the road. At the end of the year 2018, 310 companies closed.
Costello though, said that there is optimism for a strengthening economy, mainly if tariff
reduction or removal is effected with the negotiations between U.S and China ongoing.