Capacity ratcheted slightly tighter across a broad swath of the country again this week, but not yet to levels (7-10%) that would trigger widespread inflation in spot market rates. Spot rates for dry vans increased faster than spot rates for refrigerated equipment, which were flattish and may be peaking. Contracted truckload volumes to major carriers are still healthy and well above year-ago levels, but shippers are tendering mini-bid freight at prices lower than prevailing contract rates, maintaining downward pressure on the market.
One last thing about the unemployment rate surprise from last week – the first data point indicating that the jobs recovery is on. One point is just a point, two points form a line, and three points form a curve. Subsequent releases will provide better information on the pace of the recovery and the health of the overall economy.
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