Major overnight surge on truckload spot rates to new all time high.
Truckload van spot rates moved up $.09/overnight to $3.83/mile, the highest level in history.
This is happening despite fuel prices cooling, reinforcing that rate inflation has been driven by supply/demand in trucking and not diesel price pass thru.
For those not following trucking closely: trucking is a commodity and prices are driven by supply/demand.
Capacity is tightening due to the compliance crackdown, while demand is increasing due to stronger industrial sector thanks to AI data center construction, energy investments, defense spending, and America’s global industrial competitiveness.