Total load activity plunged 45%, which is a normal drop for a week that includes Thanksgiving. Load postings were 51% below the same 2023 week, but the timing of Thanksgiving skews the y/y comparison. Comparing the weeks that included Thanksgiving, volume was up 4.4% y/y. Total truck postings fell 13.7% during the holiday week, and the Market Demand Index – the ratio of load postings to truck postings in the system – fell to its lowest level since Thanksgiving week last year.
The total broker-posted spot rate declined just over 1 cent after rising for the first time in five weeks during the previous week. Rates were nearly 1% below the same 2023 week but were 0.1% above last year’s Thanksgiving week (week 47). In recent years, the week after Thanksgiving (normally week 48 but week 49 this year) usually produces increases in dry van and refrigerated spot rates. Flatbed spot rates changes have been inconsistent.
Dry van spot rates increased 5.6 cents to their highest level since early July. Rates were down 2.5% from 2023’s week 48 but were 1.5% higher than 2023’s Thanksgiving week. The week following Thanksgiving has seen increases in dry van spot rates in each of the past five years. Dry van loads fell 38.1%. Volume was down nearly 49% y/y due to the distortion from Thanksgiving’s timing but was less than 7% lower than last year’s Thanksgiving week.
Refrigerated spot rates plunged 22 cents, wiping out the cumulative gain over four weeks of rate increases. Rates were less than 1% above 2023’s week 48 but, like dry van, were 1.5% above last year’s Thanksgiving week. The week following Thanksgiving typically saw sizable refrigerated spot rate decreases in years past, but refrigerated rates have increased in four of the past five weeks that followed Thanksgiving. Refrigerated loads fell 42.1%. Volume was more than 35% below last year’s week 48 but was nearly 6% above last year’s Thanksgiving week.
Flatbed spot rate ticked up just under 1 cent for the first increase in five weeks. Rates were 2.7% below 2023’s week 48 and 2.2% below last year’s week before Thanksgiving. The week following Thanksgiving does not show a consistent pattern of flatbed spot rate changes over the years. Flatbed loads fell 51.6%. Volume was more than 49% below last year’s week 48 but was nearly 16% above last year’s Thanksgiving week.