The US freight market entered May 2026 under tighter conditions, with spot and contract rates rising as available capacity remained constrained. Tender rejection rates held at elevated levels, pointing to continued pricing pressure through mid-year, according to the May 2026 State of the Industry report from FreightWaves and Ryder.
Long-term contract rates climbed approximately 8 percent since last fall, with further increases expected as shippers lean on secondary capacity to meet demand. Truckload conditions have also spilled into intermodal, where tight market dynamics and attractive rate spreads are driving strong domestic volume growth, supported by improved rail service levels and available container capacity.
Diesel prices created ongoing volatility for fleet operators in May, with costs highly sensitive to geopolitical developments. That dynamic complicated rate signals and reinforced the need for cost and risk management strategies across carrier and shipper operations alike.
US manufacturing activity returned to expansion territory during the period, supporting flatbed, rail, and LTL freight demand despite broader mixed economic signals. Retail and consumer spending remained relatively firm, even as inflation and energy costs weighed on consumer sentiment, helping sustain overall freight volumes in the near term.
Source: FreightWaves -- https://www.freightwaves.com/news/white-paper-state-of-the-industry-may-2026