The Chicago outbound tender rejection rate declined 62 basis points in the past week, and more Chicago outbound lanes have experienced above-average rate decreases in the past four days than those experiencing increases (7% more lanes, on a net basis). So, in the past week, Chicago has had “some loosening” impact on the market.
Nevertheless, the Chicago outbound tender rejection rate of 8.0% remains above the national tender rejection rate of 6.1%. The Chicago outbound tender rejection rate has remained above the national rate since late July, whereas prior to then, it was at or in line with the national rate.
A 3% decline in Chicago outbound tender volume in the past week is contributing to the recent decline in the tender rejection rates. Chicago outbound tender volume is down 19% year over year, compared to a 15% year-over-year decline for the country as a whole.
