What do you get when you take the coronavirus pandemic’s pushing of consumer demand into later months of the year, and cross it with the infancy of the holiday season? You get October 2020, another month of consecutive growth for freight rates.
In all three categories, the price per mile has gone up higher than the previous month since May. For reefer rates, its another month longer.
The data are especially interesting when considering how DAT predicted in early October that the rates for dry van and reefer that month would go down. The increases this month are smaller than the months prior, but when considering how some of them were expected to go down, continued upward momentum is still very surprising.
For November, DAT predicts a drop for dry van and flatbed, with a sharp jump in reefer up seventeen cents. It will be interesting to see how it turns out; stay tuned!