Total load activity surged 61% after plunging about 43% during the week that included the Independence Day holiday. Total volume was nearly 7% above the same 2023 week – essentially the same comparison as two weeks earlier – but more than 23% below the five-year average for the week. Total truck postings rose 17.4%, and the Market Demand Index – the ratio of load postings to truck postings in the system – recovered sharply from the previous week, which had seen the lowest MDI since December.
The total broker-posted rate declined about 3 cents after rising less than 2 cents during the prior week. Total rates were 0.4% above the same 2023 week – the first positive y/y comparison since June 2022 – but 8% below the five-year average for the week. Spot rates tend to decline between the holiday and at least late July before firming in August and rising somewhat in the run-up to Labor Day.
Dry van spot rates decreased nearly 6 cents after rising less than 2 cents during the previous week. Spot rates have risen only twice during week 28 going back at least to 2008. Despite the decrease, the 3.3% increase versus the same 2023 week represents the strongest y/y comparison since late March 2022. Rates were still down more than 9% versus the five-year average. Dry van loads jumped 47.8% following the holiday week. Volume was 3% above the same 2023 week but 20% below the five-year average for the week.
Refrigerated spot rates fell nearly 13 cents after increasing more than 7 cents in the prior week. As was the case with dry van, refrigerated spot rates have risen only twice during week 28 going back to at least 2008. Rates were 5.4% above the same 2023 week but were down by that same percentage versus the five-year average. Refrigerated loads rose 25.3%. Volume was more than 11% above the same 2023 week – the strongest y/y comparison since mid-January – but nearly 13% below the five-year average for the week.
Flatbed spot rates declined more than 1 cent after easing seven-tenths of a cent during the previous week. Rates were down 1% from the same 2023 week, but that is the least negative y/y comparison since flatbed spot rates flipped from consistently positive comparisons to consistently negative ones at the end of July 2022. Rates were nearly 9% below the five-year average. Flatbed loads skyrocketed 90.4% following the sharp drop during the holiday week, rebounding to just slightly above the week 26 level. Volume was nearly 14% above the same week last year but about 30% below the five-year average for the week.