SONAR Q3 Freight Rate Report

In the second quarter of 2024, truckload markets continued to benefit from gradual but appreciable demand growth that was nevertheless unable to satisfy the excess capacity lingering on a national level. These two opposing forces make any attempt to point to an industry-wide recovery a complicated one, to put it mildly. Volumes were strong throughout April and downright robust in June, though May’s softness again muddies an otherwise clean narrative of steady growth.

Looking ahead through Q3 2024, freight markets are unlikely to suffer from any absence of demand. Although manufacturers and certain retailers are cautioning of slowdowns in their respective sectors, consumer activity and maritime’s accelerated peak season should more than overcome these headwinds. Overall, the market remains in a state of cautious optimism, tempered by economic uncertainties.

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