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All three components of the Transportation Services Index (TSI) slipped in March vs. February levels. The combined TSI fell 2.7 percent to 103.5, Freight TSI dropped 3.3 percent to 101.4 and Passenger TSI dipped 1 percent to 111.6, according to the U.S. Department of Transportation's Bureau of Transportation Statistics (BTS).

March's combined TSI also declined 6 percent compared with March 2008's level. In the first quarter, the index decreased 3 percent year over year.

The Freight TSI — which in March plunged to its lowest level in more than six years — fell 6.4 percent vs. March 2008's level. The index also dropped 3.6 percent in Q1.

The Passenger TSI decreased 4.9 percent from March 2008's level, and in the quarter, declined 1.2 percent.

For more BTS breakdowns on the three indexes, follow this link.