Although past-peak, the carryover benefits from CPI-influenced pricing leverage and a robust M&A environment over the past couple of years continue to outpace more recent macro and industry-specific challenges to growth and profitability. Still, uneven recycling commodity pricing, less favorable collection pricing resets, volatile fuel expenses, stubbornly high labor costs, the consumer tilt toward services, structural changes to office utilization, and macro pressures on manufacturing and construction continue to challenge the industry's ability to expand volumes and margins. And if conditions continue to stiffen and warrant, the sector maintains proven cash flow preservation levers, including discretionary expense reductions, equipment optimization, automation efficiencies, and the postponement of capital outlays
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