Total load activity eased 0.7% after declining more than 2% during the previous week. Volume was at its lowest level of the year except for the week that included Independence Day. Load postings were 14% below the same 2023 week – the largest negative y/y comparison since the first week of the year – and close to 39% below the five-year average for the week. Total truck postings rose 10.1%, and the Market Demand Index – the ratio of load postings to truck postings in the system – fell to its lowest level since late December 2023.
The total broker-posted rate decreased just under 4 cents after declining nearly 3 cents in the prior week. Total rates were about 3% below the same 2023 week – the largest negative y/y comparison in 11 weeks – and close to 10% below the five-year average, which is the weakest comparison of the year. Total spot rates almost always rise during week 34, although they were down in 2022 and moved only slightly higher in 2023. The current week (week 35) represents a critical benchmark for assessing the market as spot rates for van equipment almost always see healthy gains during the week before Labor Day.
Dry van spot rates were down 3.4 cents and have fallen in six of the past seven weeks. Dry van rates usually rise during week 34, falling only once during the period of 2016 through 2023. Rates were more than 4% below the same 2023 week – the weakest y/y comparison since March – and almost 15% below the five-year average for the week. Dry van loads eased 0.8% to their lowest level of the year except for the week that included the Fourth of July. Volume was more than 25% below the same 2023 week – the largest y/y deficit of the year – and about 44% below the five-year average.
Refrigerated spot rates ticked up two-tenths of a cent after declining 1 cent during the prior week. Although broker-posted refrigerated rates technically have risen in three of the past four weeks, the net gain is less than 4 cents. Week 34 usually produces solid refrigerated rate gains week over week. Rates were 5.5% below the same week last year – the largest y/y deficit since March – and about 11% below the five-year average. Refrigerated loads increased 1.7%. Volume was almost 20% below the same 2023 week – the most negative y/y comparison since early March – and close to 39% below the five-year average for the week.
Flatbed spot rates fell 5 cents – the largest drop in nine weeks – after decreasing more than 3 cents in the previous week. Rates have fallen for 10 straight weeks, although the trajectory is largely in line with seasonality as rates typically weaken during July and August. Flatbed rates were nearly 2% below the same 2023 week and about 8% below the five-year average for the week. Flatbed loads decreased 1.2% to their lowest level since the first week of the year except for the Fourth of July week. Volume was more than 4% below the same week last year – the first negative y/y comparison in seven weeks – and almost 41% below the five-year average.