Following strong gains during the previous week, broker-posted spot rates in the Truckstop system for van equipment declined during the week ended Sept. 6 (Week 36) by more than usual during the week that includes Labor Day, according to analysis by FTR Transportation Intelligence.
The drop in refrigerated spot rates was the largest for a comparable week since at least 2008. The decrease in dry van spot rates was much smaller, but it was the largest for a Labor Day week since 2014. Another notable development was that rates for flatbed equipment broke their streak of week-over-week decreases by rising for the first time in 12 weeks. Historically, the current week (week ending Sept. 13) is consistently weaker for spot rates than the week including Labor Day.
Although load availability fell sharply, as it always does during a week that includes a federal holiday, the drop in truck postings was notably sharper. The Market Demand Index increased to 59.4, the highest level in five weeks.
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.
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 week of 2023 — the largest year-over-year 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 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 year-over-year 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 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 year-over-year 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 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 year-over-year 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.
Linda Garner-Bunch has been in publishing for more than 30 years. You name it, Linda has written about it. She has served as an editor for a group of national do-it-yourself publications and has coordinated the real estate section of Arkansas’ only statewide newspaper, in addition to working on a variety of niche publications ranging from bridal magazines to high-school sports previews and everything in between. She is also an experienced photographer and copy editor who enjoys telling the stories of the “Knights of the Highway,” as she calls our nation’s truck drivers.
