Q2 2024 Freight Rate Report
In the first quarter of 2024, the truckload market experienced unusual volatility, especially during its typically “quiet season.” January saw an unexpected tightening in the market due to severe winter storms and a federal holiday, but this growth proved to be a bull trap as improvements in tender rejections and spot rates reversed in February. Despite this, demand from shippers grew consistently compared to 2023, with a notable 2.8% increase in retail sales, particularly in e-commerce. While an excess of capacity continued to pressure tender rejections and carrier rates, the expected mass exodus of carriers did not materialize, and some even saw net gains in trucking authorities in March.
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