Although load volume plunged as expected during the week ended December 25 (week 51), an even-sharper drop in truck capacity sent the Market Demand Index (MDI) – the ratio of load postings to truck postings in the Truckstop.com system – to its strongest level on record. Load postings fell 35.5% during the week, which was impacted by Christmas falling on the final day of the week. Total spot rates excluding fuel jumped 15 cents. The holidays will distort spot metrics for a couple of more weeks.
The week-over-week decline in load postings was the second largest of the year after Thanksgiving week, but the drop in truck postings (41.8%) was the largest of the year by far. The result was an MDI that edged out the prior record set during week 39.
Dry van load volume fell 29% week over week to the lowest level since week 26. Dry van truck postings dropped 39.4%. The dry van MDI was a record, edging out the prior record set during week 39.
Refrigerated loads held up far better than the other segments, decreasing just 5.9% to the lowest level since Thanksgiving week. However, like the other segments, truck postings were down sharply, falling 34.9%. The refrigerated MDI rose sharply but did not match the record set during week 45.
Flatbed loads plunged 46.5% for the largest decline of the year. Truck postings fell by a similar degree (46.9%), so the flatbed MDI was up only slightly. However, as week 50 had set a record, the flatbed MDI in week 51 was a record.
The broker-posted rate per mile excluding fuel surcharges jumped 15 cents – the largest gain of the year. Rates were just 11 cents short of the record set in week 26 of 2018. The largest gain was in refrigerated, which soared more than 34 cents, essentially reversing declines seen in weeks 49 and 50. Dry van rates were up more than 17 cents, setting a record that surpassed week 26 of 2018. Flatbed rates were up more than 5 cents to the highest rate since week 32 of 2018.