Elliot Alper: Got it. Thank you. And then maybe one on the guidance, so it looks like Flatbed rates improved sequentially in the quarter, but commentary kind of suggests maybe you tread water for the rest of the year. I guess, how should we think about those two things and maybe what Flatbed rates could look like in the back half of the year?
Jonathan Shepko: Yeah. So, I mean, I think, we are not going to provide specific guidance on rates. But again, directionally, as we said in our prepared remarks, we do think we will see some of the seasonal softening that will likely more manifest itself and rates and to a lesser extent volume. So we have kind of layered that in to our assumptions. But again, I think, there are also a lot of data points out there that we are looking at to kind of triangulate and say, the bottom, I think, the bottom is here, aside from some of the seasonality of the business. We do generally think and I think most of our peers have been on the same kind of venture saying that, look, the bottom is here, you kind of mentioned some — I don’t know if they are quite green shoots yet, but certainly bright spots in the business, whether on you are looking at non-residential construction, where 13 months out of the last 14 months spending has increased.
You are sitting at eight million jobs now in the construction, non-residential construction, silos, so the highest in history manufacturing and industrial data, not great, but certainly stable. I mean, ISM manufacturing went from 46% to 46.4% in June. So a little bit of an uptick. So, there’s certainly a bright spots. The consumer remains strong, corporate earnings have been reasonably resilient and so, I think, we are getting really, really late into this down cycle. And if you look at spot rates, I read something the other day that said that for the first time in a long, long time, whatever long, long time means, that the current spot rate is below the rolling five-year average. So, think about that where the current spot rate is below the rates that we were seeing in 2017, 2018, you have had massive inflation on the cost side of the equation since then and we are sitting here to date, improving our operating cash flow were positive earnings, where some of our peers are net loss this quarter.
We are doing things to optimize our balance sheet, we have got a really good transformation ahead of us, and again, we think we are just getting started. So there’s a lot of momentum here going into that eventual up cycle.
Elliot Alper: I appreciate that. Thank you.
Jonathan Shepko: Sure. Thanks, Elliot.
Operator: Thank you. [Operator Instructions] One moment while we queue our next question. Our next question is from Greg Gibas of Northland Securities. Please go ahead.
Greg Gibas: Hey. Thanks for taking the question. First, you commented on the slow pace of capacity exiting the market. Wondering if you could maybe expand on that pace that you are seeing there and with that — would we expect that to kind of elongate the recovery in the freight market, just given how slow of a pace you are seeing right now?
Jonathan Shepko: Yeah. I mean, I think, it’s difficult to say, Greg. Look, I think, we have — look, frankly, we as in all of our other peers try to make crystal ball predictions and haven’t gotten them completely right the last couple of quarters and so we are a little reluctant to look too far out. What we can tell you is, there are a lot of data points there that suggest the bottom is in that suggests short of normal seasonality at the end of the year. We could see some kind of reversion to normalization early next year. I am not saying a peak, really strong peak environment. I am not saying this thing shoots up, hockey sticks up, but I think some kind of directionally return to normal next year. But I think — look, I think, a lot of this — and I think what gets us excited is that when you talk to our customers, when you look at commentary just broadly across the industries and really corporate earnings and some of the corporate commentary from earnings this quarter.
