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Plus, Flexport announces more layoffs, Hurricane Helene continues to disrupt key lanes, and experts predict truckload carrier rate increase for 2025.
Spot rates up 11 cents since May start, driven by temporary factors like Blitz Week and Memorial Day. Long-term sustainability uncertain.
Good news in the freight market: spot rates are up. But before we get too excited, let’s take a closer look. Recent increases were driven by temporary factors that may not sustain these higher rates long-term.
Avery Vise, VP of trucking at FTR, noted, “International Roadcheck always results in a spike in spot rates. Many drivers don’t want to deal with inspections, so they take time off or call in sick.”
Jeremy Wolfe of FleetOwner mentioned, “Load posts and rates increased last week thanks to Roadcheck, but both remain lower compared to the same period last year.”
While these temporary factors have pushed up rates, the long-term outlook remains cautious. Both FTR and DAT reported that rates are still down year-over-year and below the five-year average.
The recent increase in spot rates is a positive sign, but keep in mind recent temporary factors that have been in play. As these factors fade, rates may stabilize or even decrease.
Sources: Timothy Dooner on X | FleetOwner | FTR Transportation Intelligence
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