Spot market bottoming quickly as freight cycle shifts

Spot market bottoming quickly as freight cycle shifts

ACT Research's December Freight Forecast report shows signs of slowing supply and a transition from the late-cycle stage to the cycle-bottom phase for the US truckload market.

ACT Research has released the December 2022 installment of the ACT Freight Forecast, U.S. Rate and Volume OUTLOOK report. According to Tim Denoyer, vice president and senior analyst, ACT Research, “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.” He added, “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 US 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 said. “Because rates are now far below costs in some cases, the market may experience both the cycle-bottom and early-cycle phases in 2023.”

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