Total load activity declined 9.5% after rebounding from the Thanksgiving lull in the previous week. Volume was up about 12% from 2023’s week 50 and about 8% versus last year’s second week after Thanksgiving. Total truck postings rose 14.1% – the largest increase in 13 weeks. The Market Demand Index – the ratio of load postings to truck postings in the system – fell from the prior week’s elevated level but otherwise was still the highest in more than a month.
The total broker-posted spot rate decreased 3.4 cents after rising more than 2 cents in the previous week. Rates were marginally (0.2%) higher than they were during both 2023’s week 50 and last year’s second week after Thanksgiving. During the current week – i.e., the week before Christmas – dry van and refrigerated spot rates usually decline week over week while flatbed spot rates usually rise. The week including Christmas invariably sees very strong rate increases – often the strongest of the year – due to capacity shortfalls. The final week of the year typically sees continued spot rate strength for van equipment, but flatbed’s rate performance is inconsistent.
Dry van spot rates declined 2.5 cents after rising in the three previous weeks. The decrease was the smallest for the second week after Thanksgiving since at least 2008. Rates were 3.7% higher than 2023’s week 50 – the same as the prior week’s y/y comparison – and 2.4% higher than 2023’s second week after Thanksgiving. Dry van declined 7.2%. Volume was 4.1% higher than last year’s week 50 but was nearly 4% below last year’s second week after Thanksgiving.
Refrigerated spot rates fell more than 13 cents, which was in line with seasonal expectations after an unusual increase in the previous week. Refrigerated spot rates invariably fall sharply during the second week after Thanksgiving. Rates were more than 6% above 2023’s week 50 and nearly 4% higher than 2023’s second week after Thanksgiving. Refrigerated loads fell 20%. Volume was nearly 7% above last year’s week 50 but just 2.4% above last year’s second week after Thanksgiving.
Flatbed spot rates decreased just under 2 cents, precisely reversing the increase in the previous week. Rates were close to 3% below both 2023’s week 50 and last year’s second week after Thanksgiving. Flatbed loads decreased 9.6%. Volume was around 23% higher than both last year’s week 50 and last year’s second week after Thanksgiving.