With a solid gain in load volume, the decline in truck postings resulted in the Market Demand Index – the ratio of loads to trucks in the Truckstop.com system – rising to its highest level since early July. As was the case with volume, the refrigerated MDI was the strongest on record in the latest week, surpassing week 7 of this year. The dry van MDI was not a record, but it was the strongest since week 8. The flatbed MDI barely moved at a level that is very strong by historical standards but far below the mid-May record.
Dry van load postings increased 8.5% after a 1.9% gain during the prior week. The segment had seen only one weekly gain that was larger since late June. Dry van load postings were the strongest since week 19, which was related to the International Roadcheck disruption. Dry van volume was about 33% above the same 2020 week and close to triple the five-year average volume for the week.
Refrigerated load postings jumped 10.1% to surpass the prior record by about 2%. Volume was about 73% higher than the same week last year, which was in the middle of a three-week surge, and more than triple the five-year average. Based on historical patterns, refrigerated volume would be expected to peak in the current week leading into the Labor Day weekend before easing a bit and then spiking again just before Thanksgiving.
Flatbed load postings eased 0.5% after a 3.5% gain during the prior week. The relatively sharp decline in volume seen after flatbed’s record volume in mid-May has settled into more of a flat environment since the end of June. However, flat is stronger than seasonal expectations. Volume was about 41% higher than the same week last year and about 187% higher than the five-year average.
Heading into the latest week, spot rates had declined in six of the last seven weeks and in nine of the last 12 weeks. Moreover, the gain in week 30 was negligible – only about a tenth of a cent. So the 4-cent increase in the broker-posted rate per mile excluding fuel surcharges is notable even if it is not especially robust. Dry van led the way with a gain of more than 9 cents, and dry van rates were up about 12% from the same week last year. The 3-cent gain in refrigerated rates was the second smallest increase in the five straight weeks that refrigerated rates have been rising. Refrigerated rates were about 24% higher than the same 2020 week. Flatbed rates were up by less than a cent, but it was the first increase since the end of June. Flatbed rates were about 21% higher than the same week last year.