Weekly Report 41 – 10/12/2021

Spot volume falls mostly in line with seasonal expectations

Load postings in the system fell nearly 9% during the week ended October 8 (week 40), but volume during that week of the year usually declines. During 2015 through 2019, spot volume on average fell nearly 7% in week 40 as week 39 typically is the peak of volume in the second half of the year. Volume was down in all segments. Truck postings rose by the largest degree since July. Total spot rates declined for the fifth straight week largely in line with seasonal expectations.

Total Market demand index

Trucking postings increased 9.2%, which is the largest gain in 11 weeks. Given the decline in load postings, the Market Demand Index – the ratio of loads to trucks in the system – fell to its lowest level since the week that included Labor Day. Truck postings were higher in all segments, so the MDI eased in all segments, too.

Dry Van Spot Loads

Dry van load postings fell 12.6% after three straight weeks of increases following Labor Day week that had resulted in the second strongest volume on record. The decline was modestly larger than the average decrease for the week of about 9%. Load postings were about 25% above the same 2020 week and about 149% above the five-year average for the week.

Refrigerated Spot Loads

Refrigerated saw the smallest volume decline of all segments with load postings decreasing 2.5% after ticking up 0.8% in the prior week. The decrease in volume during week 40 was smaller than the average decline of more than 5% during that week. Refrigerated volume was about 62% higher than the same week last year and about 192% above the five-year average.

Flatbed Spot Loads

Flatbed load postings fell 8.18% after easing 0.8% in the prior week. The decrease was sharper than seasonal expectations as the five-year average decline for week 40 is 4.9%. Flatbed volume was about 28% higher than the same week last year and about 147% higher than the five-year average.

Total Spot Rates

Total spot rates declined for the fifth straight week, although gradual easing is typical this time of the year. The broker-posted rate per mile excluding fuel surcharges declined by nearly 4 cents. Rates excluding fuel were about 14% higher than the same 2020 week. However, rising diesel prices mean that rates including fuel are even stronger year over year. Total rates including fuel were nearly 20% higher than the same 2020 week. Dry van rates excluding fuel declined by about 2 cents and were about 9% higher than rates in the same week last year. Refrigerated rates fell about 14 cents – the largest decline since the week that included the Independence Day holiday – and were about 14% higher than the same 2020 week. Flatbed rates eased about 2 cents and were about 16% higher than the same week last year.