Freight Rates Take Slight Decline in September 2022
The trucking industry is composed of numerous facets that all interconnect with one another. While it would be nice to say everything in the trucking industry is sunshine and roses all of the time, that is simply not the case and while most of the industry can be thriving, good news in some aspects of the trucking industry can sometimes lead to less favorable news in others. Case in point: freight rates taking a slight dip in the last month.
September 2022 Rates
- Dry van hauling for September 2022 averaged $2.46 per mile, a decrease of six cents.
- Flatbed dropped fifteen cents to $2.91 per mile.
- Reefer decreased five cents to $2.84. The gap between flatbed and reefer narrowed by ten cents.
- The average for September 2022 is $2.74, which is a decrease from August’s $2.82.
The reason why freight rates are decreasing is because the trucking industry is suffering from success. Trucking jobs, both overall and in production roles, is at an all-time high. Recently FTR published its preliminary estimate of new truck sales to be in the upper fifty-thousands for the month prior. Tonnage of freight transported by truck is at the highest point since COVID-19 ravaged the global economy. As with most things in the world of buying and selling, an increase in supply of truckers and the equipment they use to haul freight has resulted in a decrease in price.
The good news is that the holiday season is right around the corner, which is when demand for all three forms of freight tends to peak. This slight decrease in freight rates is likely to not last for long.
Conclusion
Already the preliminary rates for October are showing promise of turn-around, so we continue to remain optimistic that this slight shift is nothing to worry about. The trucking industry is going through a transformative period with the numerous changes it is experiencing in everything from technology to regulations, so growing pains are natural. Our suggestion is to simply ride it out and prepare for increased demand in the last months of the year.
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