Van spot rates fall during Labor Day week

Following strong gains during the previous week, broker-posted spot rates in the Truckstop system for van equipment declined during the week ended September 6 (week 36) by more than usual during the week that includes Labor Day. Refrigerated spot rates fell by the most during a comparable week since at least 2008. Dry van spot rates saw a smaller decrease, but it was the largest for a week 36 since 2014. However, flatbed broke its streak of rate drops by rising for the first time in 12 weeks.

 

Total loads_090924

 

Total load activity fell 14.8%, which is not a particularly large decrease for the week that includes Labor Day. Load postings were about 11% below the same 2023 week and about 34% below the five-year average for the week. Total truck postings fell 17.8%, and the Market Demand Index – the ratio of load postings to truck postings in the system – rose to its highest level in five weeks.

 

 

 


Total rates_090924

 

The total broker-posted rate ticked up by less than 1 cent after rising a little more than a cent during the previous week. Rates were about 4% below the same  2023 week – the largest y/y deficit in 13 weeks – and nearly 11% below the five-year average. The current week (week 37) historically is consistently weaker for spot rates than week 36 for all equipment types.

 

 

 

 

Dry van rates_090924

 

Dry van spot rates declined just over 2 cents after rising 6.5 cents in the prior week. Rates were more than 5% below the same 2023 week – the largest negative y/y comparison since March – and 16% below the five-year average for the week. Dry van loads dropped 20% during the holiday-impacted week. Volume was nearly 30% below the same 2023 week and almost 44% below the five-year average.

 

 

 

 

Refrigerated rates_090924

 

Refrigerated spot rates fell just over 10 cents after jumping 13 cents during the previous week. Rates were 5.7% below the same week last year – like dry van, the largest y/y deficit since March – and more than 13% below the five-year average. Refrigerated loads fell 19.5% during Labor Day week. Volume was more than 17% below the same 2023 week and close to 37% below the five-year average for the week.

 

 

 

Flatbed rates_090924

 

Flatbed spot rates increased more than 2 cents after falling nearly 3 cents in the prior week. Rates were about 4% below the same 2023 week – the weakest y/y comparison in 13 weeks – and more than 9% below the five-year average for the week. Flatbed loads declined 9.2%. Volume was 6.5% above the same week last year but almost 31% below the five-year average.

 

 




 
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