Total spot rates rise for the second straight week

Broker-posted spot rates in the Truckstop system rose modestly during the week ended September 1 (week 35), resulting in a second straight week-over-week increase for the first time since May. Spot rates also were up for all equipment types for the first time since May, although the increase for flatbed was a mere fraction of a cent. The week before Labor Day frequently is the peak of rates between the end of June and Thanksgiving, especially for dry van and refrigerated equipment.

Total load activity eased 1.3% after rising more than 10% during the prior week. Volume was nearly 21% below the same week last year and almost 25% below the five-year average for the week. An increase in volume in the Southeast – possibly related to disruption and relief efforts related to Hurricane Idalia – mostly offset decreases in all other regions. Truck postings declined 1.1%, and the Market Demand Index – the ratio of loads to trucks – barely moved.

The total broker-posted rate rose just under 2 cents after ticking up more than a half-cent in the previous week. Rates were almost 13% below the same 2022 week and more than 5% below the five-year average. Rates have been holding at around 4% to 5% below the prior-year level for the past five weeks, reflecting mainly the spot market’s normalization by August of last year.

Dry van spot rates rose more than 6 cents, which is the strongest gain since the end of June. Rates were nearly 10% below both the same week last year – the least negative y/y comparison since July 2022 – and the five-year average. Dry van loads increased 1.2% after rising more than 9% during the prior week. Volume was nearly 9% below the same 2022 week – the least negative y/y comparison since July of last year – and about 20% below the five-year average. 

Refrigerated spot rates increased more than 3.5 cents after rising nearly 5 cents during the prior week. Rates, which were up for a third straight week for the first time since November of last year, were nearly 7% below the same 2022 week and about 5% below the five-year average. Refrigerated loads declined 2.8% after rising more than 7% in the previous week. Volume was nearly 16% below the same week last year and almost 22% below the five-year average for the week.

Flatbed spot rates ticked up three-tenths of a cent for the first gain – albeit a tiny one – in five weeks. Rates were more than 16% below the same 2022 week and nearly 5% below the five-year average. Flatbed loads were down 2.4% after jumping about 15% in the prior week. Volume was about 31% below the same week last year and almost 35% below the five-year average for the week.

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