Total load activity plunged 52.7%, which is among the largest decreases on record. Holiday timing was likely the main culprit. The separation between week 51 and Christmas was greater than usual, and Christmas fell in the middle of week 52’s business days. Therefore, week 51 was impacted less than usual by the pre-holiday slowdown, and week 52 was affected more than usual due to reduced activity on both sides of the holiday. Volume was about 20% below the same 2023 week and more than 57% below the five-year average for the week. Total truck postings fell 32% – the largest weekly drop in four years. The Market Demand Index – the ratio of load postings to truck postings in the system – fell to its lowest level since Thanksgiving week and otherwise was the lowest since December 2023.
The total broker-posted spot rate rose 7 cents to its highest level since July. The increase is the smallest for a week 52 since 2016 – possibly a consequence of greatly reduced load activity due to the mid-week timing for Christmas. Rates were more than 1% below the same 2023 week and nearly 11% below the five-year average for the week. Historically, rates almost always fall during the current week. However, with the New Year’s Day holiday falling in the middle of the work week, the impact on trucking capacity could be greater than usual. Load volume could see a similar trajectory, of course, so rate increases are hardly guaranteed.
Dry van spot rates increased more than 4 cents to their highest level since early January 2023. Rates were 0.7% higher than in the same 2023 week but nearly 13% below the five-year average. Dry van loads fell 48.7% – the largest week-over-week drop in a decade. Volume was nearly 20% below the same 2023 week and more than 58% below the five-year average.
Refrigerated spot rates rose more than 17 cents in a week that usually sees stronger gains week over week. The average increase over the past decade has been about 25 cents. Refrigerated rates were slightly below the level during the week before Thanksgiving but otherwise were the strongest since the beginning of this year. Rates were more than 5% below the same 2023 week and about 15% below the five-year average for the week. Refrigerated loads decreased 15.1%. Volume was nearly 19% below the same 2023 week and close to 52% below the five-year average.
Flatbed spot rates eased three-tenths of a cent cents, which is smaller than the week 52 decreases during 2023 and 2022. Rates were just 0.1% below the same 2023 week last year and more than 8% below the five-year average. Flatbed loads plunged 67.2% – the largest week-over-week drop in at least a decade. Volume was nearly 20% below the same 2023 week and about 64% below the five-year average.