The U.S. economy contracted by 4.8% on an annualized rate in the first quarter, according to the U.S. Commerce Department, which released the gross domestic product figures April 29.

UPS Inc. on April 28 reported an increase in first-quarter revenue but said the COVID-19 pandemic caused a shift in its business mix that affected its bottom line result.

CSX Corp. on April 22 announced a first-quarter earnings drop of 8% to $770 million, or $1 per share, compared with $834 million, or $1.02, in the same quarter of 2019.

Kansas City Southern reported record revenue and an increase in profit for the first quarter of 2020.

Canadian Pacific reported reduced first-quarter earnings April 21 as the railroad’s revenue was up 15.6% to C$2.04 billion compared with $1.77 billion in the same quarter a year ago.

Union Pacific Corp. reported first-quarter earnings that outpaced Wall Street expectations, even as its quarterly revenue dipped.

The U.S. economy likely will shrink when first-quarter gross domestic product figures are released by the federal government’s Bureau of Economic Analysis on April 29.

The nation’s major ports suffered the full economic impact of the coronavirus in March as global trade practically came to a halt.

The trucking industry will play a critical role in the development and implementation of plans to restart the country’s struggling economy, American Trucking Associations President Chris Spear said.

Truck tonnage rose 4.3% year-over-year in March on gains in selected business sectors, according to American Trucking Associations.