Truckload spot rates and volumes have climbed to multi-year highs, according to FreightWaves SONAR data that tracks the National Truckload Index and the Outbound Tender Rejection Index across the US market. Spot rates have broken out of the low-$2.30-per-mile range that persisted for much of the prior two years, marking one of the more notable rate movements tracked since the pandemic-era freight cycle.

Long-term contract rates are up roughly 8% since last fall, and further increases are considered likely as shippers lean more heavily on secondary and spot capacity amid persistent tightness in available trucks. The widening gap between spot and contract pricing is pulling additional capacity toward the spot market, a pattern FreightWaves has tracked through its monthly State of the Industry reports.

Overall freight demand remains flat, with import activity limited and shippers ordering cautiously because of inflation concerns, even as rate indicators point toward a tightening market. FreightWaves analysts note the market remains volatile and capacity-sensitive despite the recent rate gains, with regional variation still significant across major freight corridors.

Source: FreightWaves -- https://www.freightwaves.com/news/truckload-volumes-and-spot-rates-hit-multi-year-highs