Truckload spot rates reached $2.80 per mile nationally in early 2026 -- a 23% jump from $2.33 per mile a year earlier -- as freight markets shifted into a capacity-constrained environment for the first time since the post-COVID correction, according to FreightWaves May 2026 State of the Industry data.

Tender rejections hovered near 14% through the first quarter of 2026, a level not seen consistently since the market unwind of 2022 and higher than any comparable period in 2023, 2024, or 2025. The elevated rejection rate signals carriers have real pricing power for the first time in three years, with shippers increasingly forced to chase trucks on the spot market rather than relying on contracted capacity.

Every major equipment class posted double-digit rate gains. Dry van led the group at 23%, while reefer and flatbed followed at 13% to 20% respectively. Contract rates also moved higher, rising to $2.12 per mile from $1.99 in the prior period -- marking four consecutive months of increases across both pricing mechanisms. The spread between contract and spot rates compressed from $0.39 per mile a year ago to roughly $0.11 by March 2026, a $0.28 contraction that reflects how quickly the two markets are converging.

North American freight volumes are on track for a 29% growth cycle through the decade, putting pressure on carrier recruiting, equipment procurement, and driver training systems.

Source: FreightWaves -- https://www.freightwaves.com/news/white-paper-state-of-the-industry-may-2026