Refrigerated and Dry Van Spot Rates Rose Sharply Ahead of Labor Day

Spot Market Insights is provided weekly by Truckstop with analysis and commentary from FTR

Refrigerated and Dry Van Spot Rates Rose Sharply Ahead of Labor Day

Data from Truckstop and FTR Transportation Intelligence for the week ended August 30 show sharp increases in broker-posted spot rates for refrigerated van and dry van equipment during the week before Labor Day. Strong gains for both equipment types are the norm during the run-up to the holiday, but recent weeks have seen rates lagging seasonal expectations a bit. Refrigerated van spot rates surged by the most for the week before Labor Day since at least 2008. Dry van spot rates were not as strong in relation to historical performance but rose by the most week over week since International Roadcheck week in May. However, flatbed spot rates were down for an 11th straight week to their lowest level since July 2020. The current week (the week including Labor Day) is neither reliably strong nor reliably weak historically, although dry van spot rates usually decline week over week.

The increase in total load postings was the first in five weeks. Coupled with a sizable drop in truck postings, the Market Demand Index increased to 57.4, which is the highest level in four weeks.

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