Rates went up on the spot market in November, while load volume seemed to decline. The two indicators usually point in the same direction, but the November result is not a contradiction. Here's why:
The appearance of a decline in load posts was deceptive. Load posts per working day were the same or higher than October, but November had 20 working days instead of October's 23, a 13% difference. For those who took a four-day weekend over Thanksgiving, that drops November to 19 working days, a 17% reduction. Suddenly, a 10% month-over-month drop in load posts doesn't look like a drop at all.
It's not unusual for rates to rise from October to November, but it is VERY unusual for rates to remain elevated throughout the entire second half of the year. Typically we see a sharp drop in spot market volume and rates in July, sometimes followed by a secondary peak in September or October.
Rates continue to climb this week, and spot market load volume is up too.
For the latest capacity and rate trends, visit DAT Trendlines.