Total load activity increased 1.5% after falling nearly 10% in the previous week. Load postings were about 90% higher than during the same 2023 week because of the timing of Thanksgiving. A more meaningful comparison would be to last year’s week before Thanksgiving (week 46), which yields a 5.6% increase y/y. Total truck postings fell 3.6%, and the Market Demand Index – the ratio of load postings to truck postings in the system – rose but was the weakest in 10 weeks aside from week 46.
The total broker-posted rate increased just over 2 cents for the first week-over-week gain in five weeks. Rates were 0.6% above the same 2023 week. A comparison to last year’s week 46 – the week before Thanksgiving like week 47 is this year – results in a 1.1% increase y/y. The week that includes Thanksgiving usually produces a strong increase in dry van spot rates and – especially in recent years – a decrease in refrigerated spot rates. Flatbed spot rates are inconsistent during Thanksgiving week.
Dry van spot rates increased 1.7 cents after declining 1 cent in the prior week. Rates were down 1.3% from 2023’s week 47 but were 3.5% higher than last year’s week before Thanksgiving. The week that includes Thanksgiving usually sees strong dry van rate increases as last-minute demand for Black Friday stocking meets a decline in available capacity. Dry van loads increased 6.6%. Volume was up nearly 51% y/y due to the distortion but was about 7% lower than last year’s week before Thanksgiving.
Refrigerated spot rates jumped nearly 11 cents – the largest increase since May – to the highest level since week 3, which saw strong rates due to weather disruptions. Rates were 10.8% above 2023’s week 47 but were 6.6% above last year’s week before Thanksgiving. The week that includes Thanksgiving once saw strong rate increases, but since 2018 refrigerated rates have fallen in all but one year. Refrigerated loads increased 4.7%. Volume was nearly 83% higher than last year’s week 47 but was 1.6% below last year’s week before Thanksgiving.
Flatbed spot rates eased less than a half-cent after falling more than 3 cents during the previous week. Rates were 2.6% below 2023’s week 47 and 2.0% below last year’s week before Thanksgiving. The week that includes Thanksgiving does not show a consistent pattern of flatbed rate changes. Flatbed loads fell 3.3%. Volume was more than 139% higher than last year’s week 47 but was about 21% above last year’s week before Thanksgiving.