U.S. freight market stabilizes in early August

According to the latest TRAFFIX Freight Market Update, the U.S. freight market has stabilized after July’s surge.

Spot rates remained steady at about US$3.47 per mile, while contract rates continued to climb as they caught up with previous spot market gains

Carrier tender rejections fell to 13.6 per cent, signaling slight capacity relief, though remaining above 10 per cent to keep pricing power in the hands of carriers.

Weekly truckload volumes were down two per cent, while intermodal shipments were six per cent higher than a year ago as shippers turned to rail to reduce costs.

With higher diesel prices at US$5.34 per gallon, fuel surcharges were also a factor in keeping total shipping costs high.