Research from ACT Research suggests that TL spot rates saw an upswing between November and January of 2022.

“Truckload spot rates experienced their first significant upswing in the past year from late November into early January, and the spread between spot and contract rates has started to tighten,” said Tim Denoyer, vice president and senior analyst, ACT Research. “While market conditions remain broadly loose, we’re seeing more signs of slowing supply, key to the bottoming process.

“Slowing supply is key for the U.S. truckload market to transition from the late-cycle stage experienced in 2022 to the cycle-bottom phase which features a thinning of marginal capacity amid lower rates, preceding an early-cycle market tightening.” Denoyer continued, “Because rates are now far below costs in some cases, the market may experience both the cycle-bottom and early-cycle phases in 2023.”