Core Insights - ArcBest managed to halt daily revenue declines in November, reporting a 1% year-over-year increase in revenue per day, contrasting with a 1.9% decline in October [1] - The company anticipates unfavorable margin conditions for the fourth quarter, with expectations of a 400 basis points sequential margin deterioration due to market softness and fewer workdays [8] Revenue and Tonnage Performance - November's revenue growth was driven by a 3% year-over-year increase in tonnage, despite a 2% decline in revenue per hundredweight [2] - The asset-based unit's tonnage showed a slight improvement, with a 3.2% decline on a two-year stacked comparison, marking the smallest decline in over two years [3] Market Conditions - The manufacturing sector has been in contraction for 35 of the past 37 months, with the Purchasing Managers' Index at 48.2, indicating continued contraction [4] - ArcBest's tonnage guidance for the fourth quarter suggests a slight year-over-year increase, benefiting from a negative 7.3% tonnage comparison from the previous year [5] Pricing Environment - ABF implemented a 5.9% general rate increase on August 4, with mid-single-digit contractual rate increases noted during the third quarter, indicating a rational pricing environment [6]