Industry News

Demand for Freight Drives Up Spot Market Rates

By August 14, 2020 No Comments

Trucking has seen a turnaround bolstered by spot market rates and increased demand.

 

“There is definitely strong upwards trends in both demand and rates,” Nick Wynkoop, product manager for rates and analytics at Truckstop.com, told Transport Topics. “Usually in past Junes, we’ve had yearly peaks in spot markets. That’s usually the highest month. This year, instead of dropping off for July and August, we have continued the upwards trend for spot freight.”

 

Truckstop.com is an online freight-matching marketplace that tracks industry trends weekly in partnership with FTR Transportation Intelligence. Their latest report found that during the week ended Aug. 7, demand for loads increased 5.4% to 80.05 index points from 70.96, and spot rates for that week increased 1.6% to $2.32 from $2.28.

 

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