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National Spot Rates Stuck, Obscuring Regional Strengths

DAT Solutions four-week spot freight rate trends. Graphic: DAT

The number of available loads on the spot freight market moved higher during the most recent week as truck capacity was unchanged, but it wasn't enough to push average rates up, according to DAT Solutions and its network of load boards.

The number of spot market loads increased 4.7% for the week ending Aug. 27 compared to the previous seven-day period, due primarily to gains in the amount of van and reefer loads.

As for rates, the average for vans was unchanged at $1.60 per mile as outbound rates increased in the Canadian-gateway markets of Buffalo and Seattle, but fell in Houston. Compared to three weeks earlier, the average is down 3 cents.

Reefers also held steady, but slightly higher, at an average of $1.89 per mile. Reefer prices showed gains in Atlanta and Grand Rapids, Mich., but were lower in McAllen, Texas. National average rates are down 4 cents compared to three weeks ago.

The loser of the three main sectors was flatbeds, with the average rate falling 3 cents over the past week to $1.89 per mile – down 4 cents from three weeks earlier.

The lack of increase in rates came as the average price of diesel moved 1.7% higher over the past week to $2.41 per gallon.

Despite rates not moving higher, load-to-truck ratios improved for both reefers and vans. Reefers jumped 12% as reefer load posts increased 12% last week while truck posts were unchanged. That boosted the reefer load-to-truck ratio from 5.3 to 5.9 loads per truck. Van load posts increased 9% last week and truck posts stayed the same, which yielded a 8% increase in the load-to-truck ratio, from 2.6 to 2.8 loads per truck.

In contrast, flatbed load posts declined 8% last week, and truck posts declined 2%. That caused the ...Read the rest of this story

Economic Watch: Positive Indicators Prompt Talk of Interest Rate Hike

U.S. private sector employers reported another month of strong job gains on Wednesday, two days ahead of a government report. With increases in consumer confidence, personal spending and wages, it adds up to talk of a hike in interest rates as soon as September.

According to the National Employment Report from payroll processor ADP, 177,000 non-farm jobs were added in August, just above Wall Street expectations. Iin addition, the July figure was revised upward from 179,000 additions to a 194,000-job gain.

“The American job machine continues to hum along. Job creation remains strong, with most industries and companies of all sizes adding solidly to their payrolls,” says Mark Zandi, chief economist of Moody's Analytics. “The U.S. economy will soon be at full employment.”

This latest report follows figures from the U.S. Labor Department in early August showing non-farm employment increased by 225,000 in July while the nation's unemployment rate held steady at 4.9%, less than half its level following the aftermath of the Great Recession. New government figures for August are due out Friday, with a consensus estimate of economist forecasting 180,000 job additions.

“Job growth in August was stable and consistent with levels from previous months as consumer conditions improve,” says Ahu Yildirmaz, vice president and head of the ADP Research Institute. “Continued strong growth in service-providing jobs is offset by weakness in goods-producing areas.”

According to the ADP report, however, goods-producing employment (the kind that leads most directly to truck freight) was down by 6,000 jobs in August, following July losses of 5,000. The construction industry lost 2,000 jobs, following July losses of 5,000 jobs. Meanwhile, manufacturing jobs were flat in August, after gaining 5,000 in the previous month.

Service-providing employment rose by 183,000 jobs in August, fewer than July's 199,000. Professional/business services contributed 53,000 jobs, down from July's 70,000, while trade/transportation/utilities jobs increased ...Read the rest of this story

Navigant expects nearly 40 million light-duty NGVs in 2025

A recent report from Navigant Research analyzes the market for natural gas vehicles (NGVs), including global forecasts, broken down by vehicle segment, alternative drivetrain, and region, through 2025.

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