Total load activity eased 2.2% after falling 8.0% during the previous week. Total volume was more than 4% below the same 2023 week and about 36% below the five-year average for the week. Total truck postings increased 3.1%, and the Market Demand Index – the ratio of load postings to truck postings in the system – fell to its lowest level since the final week of 2023, although it was just marginally below the level in week 27.
The total broker-posted rate decreased nearly 3 cents after falling more than 2 cents in the prior week. Total rates were about 1% below the same 2023 week and close to 8% below the five-year average. The total market spot rate almost always declines in week 33 due mostly to flatbed and dry van rates. Rates in the current week (week 34) usually rise as van rates firm ahead of the Labor Day holiday. However, total rates were down in 2022’s week 34, and last year’s gain was marginal.
Dry van spot rates decreased 2.4 cents after declining nearly 2 cents in the previous week. Dry van rates usually decline week over week in week 33, but they generally rise during the current week (week 34). Rates were nearly 2% below the same 2023 week –the largest y/y deficit in 11 weeks – and almost 12% below the five-year average for the week. Dry van loads eased 1.5%. Volume was nearly 18% below the same 2023 week and about 40% below the five-year average.
Refrigerated spot rates declined 1 cent after ticking up a half-cent during the prior week. Over the past dozen years, refrigerated rates have declined week over week only four times during week 33. Rates were nearly 4% below the same week last year – the largest y/y deficit since March – and more than 10% below the five-year average. Refrigerated loads declined 1.2%. Volume was more than 15% below the same 2023 week and more than 34% below the five-year average for the week.
Flatbed spot rates fell 3.4 cents after declining by basically the same amount in the previous week. Flatbed rates have fallen for nine straight weeks – the longest such streak since 2018 – although the trend is in line with seasonal expectations. Last year, rates declined in 11 of 13 weeks during a similar period. In 2022, flatbed spot rates fell in 21 of 27 weeks. Rates were just under 1% below the same 2023 week and 6% below the five-year average for the week. Both comparisons were the same as in the previous week. Flatbed loads decreased 2.7%. Volume was 11.5% higher than the same week last year – the weakest y/y comparison in six weeks – but almost 40% below the five-year average.