The September Logistics Managers' Index, a monthly survey of supply chain executives, shows transportation prices at 92.7, up 2.7 percentage points from August. The LMI is a diffusion index where a reading above 50 indicates expansion and a reading below 50 indicates contraction. The pricing index has logged readings of 90 or above in five of the past six months.

Transportation capacity measured 34.4, down 5.6 points from the prior month, a steep rate of contraction. The capacity series has signaled contraction for 10 straight months. Transportation utilization measured 66.1, up notably but at a rate 4.5 points slower than in August. Survey respondents expect capacity at 37.9, utilization at 70.8 and prices at 86.1 over the next 12 months, which points to a very tight transportation market.

FreightWaves reported that record diesel fuel prices and heightened regulatory enforcement continue to restrict truck capacity. The accompanying SONAR chart tracks the Outbound Tender Rejection Index for 2026 against 2025, 2024 and 2023, a proxy for how many loads carriers are rejecting. Current rejection levels point to a tight truckload market.

The overall LMI reached 70.2, up 3.6 points in September and the second-highest level in four and a half years. Inventory levels rose 6.1 points to 58.9, and inventory costs reached 79.9. Warehouse capacity fell 14.2 points to 39.3, the fastest contraction in warehousing space since March 2022, while warehouse prices stayed elevated at 73.5. Aggregate logistics costs totaled 246.1, up 2.5 points and the highest reading since April 2022.

Source: FreightWaves - https://www.freightwaves.com/news/transportation-prices-surge-as-capacity-tightens-further-in-september