September 15, 2025
Spot rates continue to decline in the latest week
Broker-posted spot rates in the Truckstop.com system for the three principal equipment types were down week over week during the week ended September 12 (week 36), but the moves generally were in line with seasonal expectations. Dry van spot rates are still higher than they were before the sharp pre-Labor Day increase, but refrigerated spot rates have more than given back that week’s gain over the past couple of weeks. Flatbed spot rates declined after rising for the first time in nine weeks.
Total load activity rose 22.1% after volume declined nearly 10% during Labor Day week. Flatbed drove the sharp increase as it typically does during the week following the holiday week. The recent year-over-year distortion continued in the latest week as week 36 last year included Labor Day. Total volume was about 58% higher than it was during 2024’s week 36 but 32% higher when adjusted to compare the weeks after Labor Day. Truck postings rose 15.0%, and the Market Demand Index – the ratio of loads to trucks – increased to its highest level in nine weeks.
The total market broker-posted spot rate declined 1 cent after falling by basically the same amount during the previous week. Total rates were about 3% higher than the same 2024 week and 4% higher than the week after Labor Day last year. Further decreases in spot rates – especially for van equipment – are typical into October.
Dry van spot rates declined by about 2 cents after decreasing by more than 3 cents in the previous week. Rates were 0.5% higher than in week 36 last year but up 3.8% when adjusted for comparable post-holiday weeks. Dry van loads increased 14.0%, which is slightly larger than the decrease during the holiday week. Volume was more than 35% below the same 2024 week but about 22% higher than last year’s week after Labor Day. Although the prior-year comparisons are strong, 2024 load postings in August and September 2024 were considerably weaker than they had been during the same 2023 period.
Refrigerated spot rates fell about 9 cents after dropping 8 cents during the prior week. Rates were 2% higher than during the same 2024 week and about 3% higher than the week after Labor Day last year. Refrigerated loads increased 2.9% after dropping about 19% during the holiday week. Load volume was about 4% below the same 2024 week but close to 15% lower when adjusted to compare the post-holiday weeks.
Flatbed spot rates decreased by 1.5 cents after increasing less than a penny in the previous week. Rates were 3.7% higher than same 2024 week and a percentage point stronger when adjusted to compare the weeks after Labor Day in both years. Flatbed loads jumped 29.2% after declining 3.5% in the prior week. Load volume was up nearly 91% y/y but up about 50% when adjusted to compare the weeks after Labor Day in both years.
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Truckstop's Brent Hutto dishes on spot market activity and other hot topics.