DAT Freight & Analytics released the Truckload Volume Index (TVI) for November. Spot volumes and rates were mixed. The dry van TVI fell to 197, down 18% month-over-month and 12% year-over-year. The reefer TVI dropped to 172 (-11% MoM, -6% YoY). The flatbed TVI posted the steepest decline at 243, off 22% sequentially and up 3% annually.
Spot rates ticked up modestly. The national average spot van rate hit $2.09 per mile, up two cents MoM and six cents YoY. Spot reefer reached $2.54 per mile (+6 cents MoM) and spot flatbed slipped to $2.47 per mile (-4 cents MoM). Contract rates also climbed: contract van $2.46, contract reefer $2.81 and contract flatbed $3.07 per mile. Contract rates remain above spot, a pattern in place since early 2022.
DAT Chief of Analytics Ken Adamo highlighted the calendar effect: "With Thanksgiving and Black Friday falling nearly as late as possible, there was less urgency to move freight until the final week of the month." The shortened holiday week, winter weather and other disruptions produced a busy close that was unable to offset earlier softness.
Adamo said the market remains fundamentally inverted, with oversupply persisting, cautious shippers and many carriers operating unprofitably. December should bring some seasonal lift but sustained post-holiday strength is needed to confirm that the cycle is truly turning.
Key Takeaways:
1. DAT's November TVI showed sequential declines across all equipment types and a mixed annual picture.
2. Dry van TVI fell to 197, down 12% YoY; flatbed posted the sharpest 22% sequential drop.
3. Spot van rates rose to $2.09 per mile, with reefer and flatbed up year-over-year.
4. Contract rates remained above spot, sustaining a pattern in place since early 2022.
5. DAT Chief of Analytics Ken Adamo said the market is still inverted with persistent oversupply.
