Guest post by FreightWaves’ Kevin Hill
National load tender volumes were relatively flat in the final full week of July, posting a 25 basis points (bps) gain.
The largest markets by share were mixed. Cleveland, Ohio was the most volatile, finishing down this week by 591 bps. Also down this week: Indianapolis, Indiana (down 176 bps); Chicago, Illinois (down 91 bps); and Ontario, California (down 79 bps).
Balancing these markets out, Elizabeth, New Jersey had the largest increase in tendered load volumes, finishing the week up 168 bps. Elizabeth was followed by Atlanta, Georgia (up 152 bps); Dallas, Texas (up 109 bps); and Houston, Texas (up 34 bps).
“Often you don’t see a burst of activity when a month ends mid-week.,” said Carson Holmquist, CEO at Stream Logistics, a Scottsdale, Arizona-based freight brokerage.“This is because loads are often split between the two final weeks, so you don’t see the same burst of volume as when a month ends on a Friday.”
On a positive note, comparisons for year-over-year tendered load volumes are likely to ease going forward as 2019 volumes finished the week above 2018 levels (by 136 bps). In addition, the 60-day moving average for tendered load volumes has been generally moving up since Memorial Day and is poised to break across 2018 tendered load volumes if current load volumes continue.
National tender rejection rates also end the week flat
The national tender rejection rate (OTRI.USA) was also relatively flat this week, dropping one point from 4.22 to 4.21 percent.
A slight uptick in dry van rejections (VOTRI.USA) to 3.88 percent balanced out downticks in both flatbed (FOTRI.USA) and refrigeration rejection rates (ROTRI.USA), which ended the week at 9.82 and 8.22 percent respectively.