William B. Cassidy, Senior Editor | Sep 06, 2012 12:12PM EDT
An uptick in freight demand and pricing in recent days pushed up a spot market trucking index and pierced some gathering third quarter gloom.
The Internet Truckstop Market Demand Index rose 7 percent from the previous week, according to the load-matching service’s weekly Trans4Cast report.
“The flat-line trend for trucking metrics broke this week, with volumes and rates moving significantly to the upside,” said Jeremy West, ITS economist.
The overall average equipment rate increased 4 percent to $2.17 from $2.10 per mile the previous week, ITS said. Van rates were up 7 percent to $1.92 per mile.
Specialized truck rates on the load board rose 4 percent on average to $2.54 per mile, and rates for refrigerated equipment rose 3 percent to $2.21 per mile.
Flatbed rates were flat from the previous week at $2.10 per mile, ITS reported.
The 7 percent week-to-week increase was a sharp rise in the Market Demand Index following a slighter 2 percent increase in both of the two prior weeks.
West attributed the bump to a “mildly improving economic climate” and a seasonal gain in loads, but warned the trucking outlook is still “relatively weak.”
Two large carriers, truckload operator Landstar System and less-than-truckload company ABF Freight System, are reporting weaker than expected demand.
ABF Thursday said its tonnage dropped from July to August and was down 2 percent in the third quarter to date, while Landstar last week lowered its growth estimates.
FedEx lowered its quarterly earnings forecast on weak global air freight demand.
Contact William B. Cassidy at wcassidy@joc.com. Follow him on Twitter at @wbcassidy_joc.