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Spot market faces a stagnant bottom due to lack of consistent trends. While there are some rate upticks, major surge in rates seems unlikely without a significant market shift.
The spot market has hit a stagnant bottom with the lack of consistent market trends impeding momentum recovery, says Dean Croke from DAT Freight and Analytics. Despite some increases in spot rates since May, as reported by Arrive Logistics, it's believed these are due to seasonal fluctuations rather than fundamental market shifts. ACT Research suggests that while the spot rate down cycle likely bottomed in April, elevated Class 8 build rates will limit near-term growth. Analysts predict that while seasonal trends will continue, any major surge in rates is unlikely without a significant market disruption.
Source: Transport Topics
📊 Trucking Industry Trends: June 19th–June 25th 2023 📊
— DAT Freight & Analytics (@datfreightteam) June 27, 2023
Spot truckload rates continue to parallel 2019 trends, with a relatively muted produce season effect. The typical produce lift on spot reefer rates is 8 cents per mile lower this year.
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