Market Update: A deceleration in demand

US Truck Loadings*

US truck loadings: July recognized a modest increase in US truck loadings from June levels while growth remained flat compared to last year.

The industry is seeing continued muted demand with limited seasonality.
Key indicators are pointing to an industry that is seeing little to no growth.

Net change in carrier population

New for-hire motor property authority minus net revocations of authority

Net change in carrier population: The total carrier population edged down further in July as the industry continues to face heightened operating pressures.

With higher net revocations and fewer new carriers, the count of active carrier operations has largely been declining since Oct 2022.
Over the past few quarters, capacity has been slowly winding down.
Further increases in fuel costs could accelerate the pace of carrier exists.

Capacity: For-Hire Carrier Population Chart

Active Truck Utilization, 2018 - Present

Share of seated trucks active engaged in freight hauling

Active truck utilization: A moderate uptick in the active truck utilization rate occurred in July, though the share of active trucks continues to be well below levels seen since 2021.

Moderate increase in utilization points to tightening in the freight market

Active Truck Utilization, 2018 - Present Chart

DAT's Van Load-to-Truck Ratio

DAT Load to truck ratio: August yielded the fourth consecutive increase in the DAT load-to-truck ratio as the industry heads toward holiday peak season.

This could be a reflection of modest tightening of supply and demand conditions.

About the Market Update

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