Total load activity fell 11.7% during Labor Day week for the largest decline since the week that included the Independence Day holiday. Volume was more than 15% below the same week last year, which is the least negative comparison since July 2022, and almost 21% below the five-year average for the week. Not surprisingly, volume was down in all regions week over week. Truck postings fell 16.1%, and the Market Demand Index – the ratio of loads to trucks – rose to its highest level since the end of June.
The total broker-posted rate rose just over 2 cents after rising by almost the same amount in the previous week. Rates were almost 12% below the same 2022 week – the least negative y/y comparison since October 2022 – and nearly 5% below the five-year average. As noted last week, y/y comparisons have stabilized due to the spot market’s full normalization by August 2022.
Dry van spot rates ticked up a half-cent after rising more than 6 cents during the prior week. Rates were more than 9% below both the same week last year – the least negative y/y comparison since July 2022 – and nearly 10% below the five-year average. Dry van loads fell 9.5%. Volume was more than 6% below the same 2022 week – the least negative y/y comparison since July of last year – and 13% below the five-year average.
Refrigerated spot rates were practically unchanged, easing just a tenth of a cent after increasing for three straight weeks. Rates were more than 7% below the same 2022 week and more than 5% below the five-year average. Refrigerated loads fell 9.9%. Volume was more than 16% below the same week last year and almost 21% below the five-year average for the week.
Flatbed spot rates rose nearly 5 cents after ticking up three-tenths of a cent in the prior week. The back-to-back increases were the first since May. Rates were nearly 15% below the same 2022 week and nearly 3% below the five-year average. Flatbed loads fell 11%. Volume was about 20% below the same week last year and more than 32% below the five-year average for the week.