September 8, 2025
Van spot rates decline in Labor Day week
Broker-posted spot rates in the Truckstop.com system for dry van and refrigerated van equipment during the week ended September 5 (week 35) gave back much of their gains during the previous week. However, the moves in both the week leading into Labor Day and the week including the holiday were typical seasonal behavior. Flatbed spot rates increased for the first time in nine weeks, although the gain was only modest. A drop in load volume appears linked mainly to the fact that the week included a holiday.
Total load activity fell 9.6% as the loss of activity in Labor Day week was modest by historical standards, although decreases in van equipment volume were notably larger than in flatbed. Total volume was about 10% higher than it was during same 2024 week, but a more meaningful comparison is much stronger because week 35 did not include a holiday last year. Adjusting for holiday weeks in both years, load volume was up about 29% y/y. Truck postings fell 11.5%, and the Market Demand Index – the ratio of loads to trucks – increased to its highest level in five weeks.
The total market broker-posted spot rate declined just under 1 cent after rising nearly 2 cents during the previous week. Total rates were about 4% higher than the same 2024 week, only marginally stronger than when the data is adjusted for comparable holiday weeks. Van equipment spot rates would be expected to soften a bit further into October while flatbed spot rates typically start to stabilize after the gradual decline that has occurred since mid-year.
Dry van spot rates declined 3.3 cents after rising about 7 cents in the previous week. Rates were 0.4% higher than in week 35 last year but up 1.5% when adjusting for comparable holiday weeks. Dry van rates have been mildly positive y/y for four straight weeks after mostly weaker prior-year comparisons since late May. Dry van loads decreased 13.7% during the holiday week. Volume was 5% below the same 2024 week but nearly 19% higher y/y when adjusted to compare holiday weeks in both years.
Refrigerated spot rates fell 8 cents after surging more than 15 cents in the run-up to the holiday. Rates were 1.4% higher than during the same 2024 week, essentially the same as the comparison when adjusted for the holiday. Refrigerated loads dropped 19.2%. Load volume was 25% below the same 2024 week but less than 7% lower when adjusted to compare holiday weeks.
Flatbed spot rates increased nearly 1 cent after declining more than a penny in the previous week. Rates were 5.4% higher than same 2024 week but a percentage point softer when comparing the Labor Day holiday weeks in both years. Flatbed loads declined 3.5%. Even though the same 2024 week did not include a holiday, load volume was up 34% y/y. Adjusting the data to compare holiday weeks, flatbed load volume was up close to 48%.
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