The highlights from Friday’s SONAR reports are below. For more information on SONAR — the fastest freight-forecasting platform in the industry — or to request a demo, click here. Also, be sure to check out the latest SONAR update, TRAC — the freshest spot rate data in the industry.
Market Watch for Sept. 16:
Volumes in Dallas are beginning to slump downward after recovering from the holiday, causing an increase in rejection rates.
The Outbound Tender Volume Index for Dallas edged down nearly 15 points in the last couple of days to 361.8. This marks the lowest point that the index has seen since the start of the summer — excluding the two major holiday drops.
Capacity has begun to tighten as volume levels decline, hinting that carriers are rejecting contracted freight in hopes to find better rates in the spot market. The Outbound Tender Reject Index is up 32 basis points (bps) since the start of the week to 5.1%.
In the Rocky Mountain State, outbound volumes are flatlining, creating major volatility in tender rejections.
The Outbound Tender Volume Index for Denver dropped six points this week and has been on a plateau in the last couple of days right at 191.4. Inbound tender volumes, on the other hand, are trending downward, falling 1.2%. The decline in inbound capacity is causing a rise in outbound rejection rates.
The Outbound Tender Reject Index is up 80 bps overnight to 13.8% — the highest they have been since early April.
After having a great summer and reaching record highs, Motor City volumes are beginning to take a steep drop.
Since Tuesday, the Outbound Tender Volume Index is down 23 points, or 9%, to their lowest levels since May. Inbound tenders are falling with them, dropping 10.5% in the same time frame.
The decrease in both inbound and outbound freight volumes has created little movement in the Headhaul Index and caused rejection rates to plateau at 5.1%, leaving the majority of capacity undecided on whether to stick with contracted freight or search the spot market.
NTI as a point of reference
The National Truckload Index is a daily look at how spot rates in specific lanes hold up in comparison to the national average, giving carriers and brokers an idea of which lanes to gravitate toward or avoid.