Total load activity fell 15.6% after more than doubling during the week following Thanksgiving. Volume, which was essentially the same as the week before Thanksgiving, was down nearly 9% y/y and about 28% from the five-year average. The y/y comparison was the least negative since late September. Truck postings ticked up 1.8%, and the total Market Demand Index – the ratio of loads to trucks – fell but was the highest since early November aside from week 48.
The total broker-posted rate declined 3.4 cents, which is the largest decrease since one of the same degree during early October. In most years, the second week following Thanksgiving sees a larger rate decrease. Rates were less than 9% below the same 2022 week – the least negative y/y comparison since August 2022 – and about 4% below the five-year average.
Dry van spot rates declined 8 cents after rising by essentially the same amount during the previous week. Dry van rates invariably fall during the second week following Thanksgiving, and this year’s decrease was not especially large for the week historically. Rates were nearly 9% below the same 2022 week and nearly 10% below the five-year average. Dry van loads fell more than 21% after spiking more than 126% during the week following the holiday. Volume, which was the highest since September aside from week 48, was nearly 16% below the same 2022 week and about 26% below the five-year average for the week.
Refrigerated spot rates fell about 12 cents following an increase of less than 2 cents during the previous week. Spot rates for refrigerated equipment usually fall substantially during the second week following Thanksgiving; the most recent year that saw a smaller decrease was 2019. Rates were nearly 10% below both the same 2022 week and about 11% below the five-year average. Refrigerated loads declined 16% after jumping nearly 64% during the week following the holiday. Volume was 16% below the same week last year and about 30% below the five-year average for the week.
Flatbed spot rates were essentially unchanged week over week, ticking up just a tenth of a cent. While the uptick was basically meaningless, it technically resulted in a fourth straight increase in flatbed rates, which had not occurred since April 2022. Rates were slightly more than 9% below the same 2022 week – the least negative y/y comparison since the final week of 2022 – and 0.5% above the five-year average. Flatbed spot rates had not been above the five-year average since early June. Flatbed loads declined nearly 11% after surging about 128% during the week following the holiday. Volume was about 5% above the same 2022 week but more than 36% below the five-year average for the week.