Spot rates ease, volume falls in holiday week
As expected, the Memorial Day holiday resulted in a sharp drop-off in load volume in the Truckstop.com system during the week ended June 3 (week 22), and total spot rates also declined. Refrigerated and dry van rates fell, but flatbed rates rose slightly to another record. The volume percentage decreases week over week were in a similar range across those three segments. The total volume drop was slightly larger than it was during the same 2021 week due mostly to a sharper decline in flatbed.
Total load postings fell 21.4%. Volume was nearly 23% below the same 2021 week but about 44% above the five-year average for the week. Average volume for the week is stronger than might be expected because Memorial Day sometimes falls during a different week of the year as reflected in the data. Load availability was down in all regions. Truck postings declined 1.7%, and the Market Demand Index – the ratio of loads to trucks in the Truckstop.com system – fell.
Total broker-posted rates declined 1.5 cents from the prior week’s record level. Total spot rates in the system were nearly 3% ahead of the same 2021 week, but FTR estimates that excluding an imputed fuel surcharge rates would be down nearly 11% year over year. Although the broker-posted rate is just under the record, the rate excluding fuel surcharges is about 32 cents below the record.
Dry van spot rates eased about 3 cents. Rates are about 58 cents below the record level posted at the end of 2021, but they generally have firmed over the past several weeks. Dry van rates were more than 9% lower than the same 2021 week but about 27% lower if an imputed fuel surcharge is excluded. Dry van load postings fell 20.1%. Volume was nearly 13% below the level posted in the same 2021 week but 38% above the five-year average for the week.
Refrigerated spot rates fell more than 9 cents. Rates, which are down about $1.17 from their record at the end of 2021, were more than 13% below the same 2021 week but nearly 29% lower excluding a fuel surcharge. Load postings fell 22.1%. Volume was nearly 10% below the same week last year but 65% above the five-year average for the week.
Flatbed spot rates ticked up nearly 1 cent, setting a record. Flatbed rates were about 10% higher than the same 2021 week but about 2% lower than that week if an imputed fuel surcharge is excluded. Flatbed load postings fell 23.1%. Volume was more than 29% below the same 2021 week but about 41% above the five-year average for the week.