Freight Trucking Rates in August 2023
As of August 2023, ACT's For-Hire Trucking Index: Freight Rates continues to decline, though up 2 points in August, seasonally adjusted, and shows a continuation of "less worse" results following the near-record low in April. This improvement is consistent with the stabilization in spot rates since then.
Dry van spot rates are $1.57 per mile; DAT reefer spot rates are $1.94 per mile; and flatbed spot rates are $1.89 per mile.
Dry Van Freight Rates in August 2023
Dry van spot rates fell 5¢ m/m in August. DAT dry van contract rates are $2.05 per mile, falling 5¢ m/m in August, down 17% y/y.
It is still firmly a shipper’s market, but the supply/demand pendulum is incrementally starting to shift back toward fleets.
Refrigerated Freight Rates in August 2023
Reefer spot rates fell 1¢ m/m in August. Early August reefer contract rates suggest additional pressure and a wider y/y decline, as augured by spot rates.
In early September, reefer spot rates were about in line with normal seasonality, which is softening as produce and beverage seasons slow.
Flatbed Freight Rates in August 2023
Flatbed spot rates fell 10¢ m/m, down 17% y/y. Flatbed contract rates are $2.54 per mile, down 9¢ m/m and 12% y/y.
Flatbed seasonality is soft the next five months, October through February, as construction season ebbs. With interest rates high and still rising, the housing and industrial demand outlook remains broadly cautious.
To see how freight trucking rates change in the future, and for detailed analysis and forecasts, see ACT's freight & transportation forecast.