Total load activity fell 22.4% during the holiday-shortened week. Total volume was down nearly 40% compared to the same 2022 week, which did not include a federal holiday, and was more than 44% below the five-year average. Truck postings decreased 27.8%, and the total Market Demand Index – the ratio of loads to trucks – rose modestly to the highest level in three weeks.
The total broker-posted rate increased 9.9 cents after rising a bit more than 5 cents during the previous week. Rates, which were at their highest level since the week ended July 7, were about 12% below the same 2022 week and nearly 7% below the five-year average. Because of the major disruption in capacity during the holiday week, the strong rate increase has no bearing on how spot rates might perform in January 2024 and beyond.
Dry van spot rates increased 9.4 cents after rising 8 cents during the prior week. The increase was the largest since the week of the International Roadcheck inspection event in May. Although not as large as the gain during the final week of 2021 when rates set a record that still stands, the increase in dry van rates was larger than typical for a final week of the year. Rates, which were at their highest level since the second week of 2023, were nearly 12% below the same 2022 week and more than 11% below the five-year average. Dry van loads fell 23.6%. Volume was almost 44% below the same 2022 week and more than 46% below the five-year average for the week.
Refrigerated spot rates surged 40 cents after jumping nearly 15 cents during the previous week. Over at least the last decade, the only larger increase in refrigerated rates in a single week was 42.6 cents during the final week of 2017. Rates, which were at their highest level since the first week of 2023, were about 13% below the same 2022 week and almost 8% below the five-year average for the week. Contrary to other equipment types, refrigerated loads were higher week over week, rising 20.1%. Volume was nearly 41% below the same week last year and almost 38% below the five-year average for the week.
Flatbed spot rates fell 5.6 cents after rising nearly 2 cents during the prior week. Flatbed rates typically fall during the final week of the year, although the decrease was larger than usual. Rates, which were at their lowest level since July 2020, were nearly 14% below the same 2022 week and almost 5% below the five-year average. Flatbed loads plunged 39.4%. Volume was nearly 37% below the same 2022 week and almost 54% below the five-year average for the week.