巴克莱T.R.U.C.K.S. -系统跟踪美国货运实时关键绩效指标：尽管西海岸进口量可能减速，但在Roadcheck周后整车现货价格仍居高不下。

Barclays T.R.U.C.K.S. – Trackingreal-time U.S. cargo KPIssystematically North America TransportationPOSITIVE TL spot rates remain elevated post Roadcheck week despitelikely decelerating West Coast import volumes. North America Transportation Eric Morgan, CFA+1 212 526 9642eric.morgan@barclays.comBCI, US What's new this week (Figure 1):Truckload spot rates remained elevated, with DAT down only1% and ITS up 4% sequentiallyafterboth spiked higher in the prior week containingInternational Roadcheck, a three-day inspection and compliance enforcement initiativeorganized annually by the Commercial Vehicle Safety Alliance. If recent rates hold in the finalweek of the month, May is set to outperform typical seasonality by around 1-2pts, the firstmonth of broad-based improvement since January. The momentum over the past two weeks isnotable given the likely concurrent arrival of a Chinese import "air pocket" at US ports, althoughat the same time we hesitate to read too much into any given week or two, particularly withthe Roadcheck-related rate boost failing to stick for more than a few weeks in recent years.Aside from pricing, active FMCSA operating authorities continued to climb higheraftera briefpause last week, though increases remain at a below-average pace relative to history. Withrespect to demand, truck tonnage for April came in flat both sequentially and on a YoY basis,though we note this is not our preferred measure of truckload volume given a likely sizable bulkmaterial component. Brandon R. Oglenski+1 212 526 8903brandon.oglenski@barclays.comBCI, US David Zazula, CFA+1 212 526 5108david.zazula@barclays.comBCI, US John Dorsett+1 212 526 8487john.dorsett@barclays.comBCI, US Please also see Figure 2 for a detailed heat map summarizing the latest trends for demand, supply,pricing, and volumes, as well as Figure 3 for detail on monthly LTL trends at a carrier level.Historical time series of our data sets can be found in Figures 4-18. FIGURE 1. Summary of Incremental Trucking Data Points This Week Historical Time Series of Key Trucking-Related Data FIGURE 4. US Retail Consumption Measures — Recent History Source: Haver; US Census; Barclays Research Source: Bloomberg; ITS; Barclays Research Source: Bloomberg; ITS; DAT; EIA; Cass; Barclays Research Source: Bloomberg; ATA; Barclays Research FIGURE 17. LTL Monthly Shipments — Recent History Source: Bloomberg; ATA; company reports and commentary; Barclays Research Source: Bloomberg; ATA; company reports and commentary; Barclays Research Analyst(s) Certification(s): We, Brandon R. Oglenski and Eric Morgan, CFA, hereby certify (1) that the views expressed in this research report accurately reflect our personal viewsabout any or all of the subject securities or issuers referred to in this research report and (2) no part of our compensation was, is or will be directly orindirectly related to the specific recommendations or views expressed in this research report. Important Disclosures: Barclays Research is produced by the Investment Bank of Barclays Bank PLC and itsaffiliates(collectively and each individually, "Barclays"). Allauthors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflects thelocal time where the report was produced and maydifferfrom the release date provided in GMT. Availability of Disclosures: Where any companies are the subject of this research report, for current important disclosures regarding those companies please refer to https://publicresearch.barclays.com or alternatively send a written request to: Barclays Research Compliance, 745 Seventh Avenue, 13th Floor, New York, NY10019 or call +1-212-526-1072. The analysts responsible for preparing this research report have received compensation based upon various factors including the firm's total revenues,a portion of which is generated by investment banking activities, the profitability and revenues of the Markets business and the potential interest of thefirm's investing clients in research with respect to the asset class covered by the analyst. Analysts regularly conduct site visits to view the material operations of covered companies, but Barclays policy prohibits them from accepting paymentor reimbursement by any covered company of their travel expenses for such visits. Barclays Research Department produces various types of research including, but not limited to, fundamental analysis, equity-linked analysis,quantitative analysis, and trade ideas. Recommendations contained in one type of Barclays Research maydifferfrom those contained in other types ofBarclays Research, whether as a result ofdifferingtime horizons, methodologies, or otherwise. In order to access Barclays Statement regarding Research Dissemination Policies and Procedures, please refer to https://publicresearch.barclays.com/S/RD.htm. In order to access Barclays Research Conflict Management Policy Statement, please refer