Spot rates, volume fall sharply in the latest week
Spot metrics in the Truckstop.com system were uniformly weaker during the week ended July 22 (week 29) as rates and loads fell in all segments. Flatbed rates fell by nearly as much as they did two weeks earlier, and the segment’s drop in volume was the sharpest of the week. The decrease in total spot volume was the largest for a non-holiday week since the April 2020 contraction, and weekly load postings were the lowest of 2022 so far. The total spot rate was the lowest since mid-December.
Total load postings fell 16.6%. Volume was about 34% below the same 2021 week but nearly 25% above the five-year average for the week. Load postings fell in all regions, and the decrease was especially sharp in the Southeast. Truck postings increased 5.4%, and the Market Demand Index – the ratio of loads to trucks in the Truckstop.com system – fell to its lowest level since June 2020.
The total broker-posted rate in the system fell more than 10 cents. Aside from the drop two weeks earlier, the decrease was the largest since the beginning of 2021. Total spot rates in the system were nearly 2% below the same 2021 week but about 24% above the five-year average for the week. FTR estimates that excluding an imputed fuel surcharge, rates would be down nearly 16% year over year.
Dry van spot rates fell nearly 8 cents for the largest decrease since January. Rates were more than 10% lower than the same 2021 week but nearly 15% higher than the five-year average for the week. However, dry van rates were more than 27% lower than the same 2021 week if an imputed fuel surcharge is excluded. Dry van load postings fell nearly 18%. Volume was more than 34% below the level posted in the same 2021 week but 27% above the five-year average.
Refrigerated spot rates decreased nearly 6 cents. Rates were nearly 17% below the same 2021 week but nearly 9% above the five-year average for the week. However, rates excluding fuel surcharges were nearly 32% below the same week last year. Refrigerated load postings dropped more than 10%. Volume was nearly 40% below the same week last year but nearly 28% above the five-year average.
Flatbed spot rates plunged nearly 13 cents – just slightly less than the decrease during the July 4th holiday week. Rates were nearly 5% above those in the same 2021 week and nearly 33% above the five-year average for the week. However, excluding an imputed surcharge, flatbed rates were nearly 8% below the same week last year. Flatbed load postings fell nearly 20%. Volume was nearly 38% below the same 2021 week but nearly 16% above the five-year average for the week.