National average rates generally made gains the first week of September, with dry van showing signs of growing momentum.
For national spot rate averages for the week beginning Aug. 30, the analytics firm reported the following rates compared to the previous seven-day period:
upDry van rose 2 cents to $2.21
upReefer increased 5 cents to $2.74
downFlatbed fell 1 cent to $2.66
But bellwether states showed greater swings — particularly for dry van.
In dry van, 10 key states showed a 3-cent increase compared to the previous week. Bellwether states for dry van are Illinois, Indiana, Kentucky, Ohio, Missouri, Michigan, Mississippi, North Carolina, Tennessee and Virginia. Freight momentum in those states, compared to the rest of the country, may be tied to evolving freight makeups, DAT said in a dry van blog post.
"The latest ISM manufacturing survey suggests freight is shifting rather than disappearing," DAT iQ Principal Analyst Dean Croke said in the blog post. Data centers could be helping manufacturing, but rising production costs and potentially limited consumer spending may be pressuring markets, he added.
Conversely, flatbed's bellwether states showed a greater downside than the national average. Key flatbed states posted a 2-cent decrease week over week. Bellwether states for flatbed are Alabama, Arkansas, California, Georgia, Illinois, Oklahoma, Pennsylvania, South Carolina, Tennessee, Texas.
In contrast to the dry van and flatbed bellwether swings, reefer rates were homogeneous. For the national average and bellwether states, reefer had a 5-cent increase across the board. "National produce volumes, according to the USDA, up about 4% last week, and pushing tonnage about 10% higher than a year ago," Croke said on a weekly market update, noting that likely influenced market tightening and rates.