The credit crunch, housing market slowdown, increasing unemployment and lackluster GDP results have translated into a slowdown of the intermodal drayage market. The world economy has changed.
We believe overall industry volumes will remain flat and trend downward in 2009. Consumers are holding back on spending, resulting in retailers being forced to shorten their supply chains and reduce inventories. Even greater demands will be placed on the trucking industry to deliver just in time. We will look to partner even more closely with our customers in strategic ways not previously pursued. Anticipating customer needs and understanding their business will be more crucial than ever.
Highway infrastructure needs to be addressed, as its current condition is deteriorating. Our future economic growth depends on a solid infrastructure to facilitate commerce.
Recruitment, retention and compensation of drivers will remain a challenge for the long-term viability of our industry. Many good initiatives are ongoing, but more needs to be done to attract and keep individuals within our industry.
Safety must remain a top priority. We should operate under the philosophy that all accidents are avoidable and focus on reducing accidents to zero.