Transfix Take: Weekly Market Update (Sept 13, 2023)

National Truck Driver Appreciation Week is Underway


Welcome to the week of September 13th edition of the Transfix Take! Gear up for the latest updates and trends in the trucking industry. In this issue, we're revving up with industry news, sprinting through regional breakdown highlights, and putting the spotlight on what's on the horizon for truckers.

Industry Insights: Unpacking the Road Ahead

In this week's edition, we delve into the latest industry insights and trends that emerged during our recent podcast episode. We'll explore the significance of National Truck Driver Appreciation Week, the state of tender rejections, and the national rate per mile average. Join us as we unpack the road ahead in the world of freight and gain valuable insights to keep you informed and prepared for the journey ahead.

National Truck Driver Appreciation Week: We kicked off the episode by celebrating National Truck Driver Appreciation Week. A heartfelt thank you to all the hardworking drivers who keep our supply chains moving.

Tender Rejections and Market Trends: Our discussion delved into the fascinating world of tender rejections and market trends. While tender rejections had seen a rise in recent weeks, the podcast emphasized their potential to stabilize before the holiday season and winter hit.

Screenshot 2023-09-12 at 10.17.54 AM
Source: Freightwaves

National Average Rate Per Mile: It's important to keep tabs on the national rate per mile average. Currently hovering around $1.61 to $1.62 per mile (excluding fuel costs), it highlights the market's current state—stagnant but with an eye on potential changes that could mean a softer-than-expected peak holiday season.

Screenshot 2023-09-12 at 10.15.51 AM
Source: Freightwaves

Regional Roadmap: Where the Rubber Meets the Road

Discover the latest trends in key regions as we explore the dynamics across the nation:Map chart -weekly market update-0913 (1)
Source: Transfix Internal Data

The South: The South seems to have reached a plateau, with both slight increases and decreases in different markets. It's a region in transition, and understanding specific lanes becomes essential to secure the best rates.

West Coast: While the West Coast continues to face softening markets in areas like Los Angeles and Ontario, pockets of tightening persist in the Pacific Northwest, making it a diverse region for carriers.

Coastal Region: Similar to the South and Midwest, the Coastal region witnesses slim fluctuations in various markets. However, change is expected as we move into October.

The Southeast: Following the recent hurricane's impact on rates, the Southeast is seeing rates decrease, especially in markets like Jacksonville, Florida. The region is still stabilizing after the storm.

The Northeast: The Northeast is unique as it experiences consistent rate increases across the board. Markets like Elizabeth, New Jersey, and Allentown, Pennsylvania, have shown growth in the average RPM.

The Midwest: The Midwest has seen relatively flat rates, with slight increases and decreases in different markets. Understanding the importance of lanes remains crucial.

On the Horizon: What Lies Ahead in the Trucking Terrain

In our next episode of the Transfix Take podcast, we will dive deeper into what carriers and shippers should expect in the next three to six months. We'll also explore the fascinating shift in imports, where imports from Mexico have now surpassed those from China—a trend worth watching closely as it could mean a generally softer Q4.

That's the wrap for this edition of the Transfix Take Newsletter. We'll continue to keep you in the driver's seat with the latest news, trends, and insights in the supply chain. Until the next pit stop, drive safe and stay ahead of the curve!

Drive safely!

The views and opinions expressed in this newsletter are based upon information considered reliable, but Transfix, Inc. does not warrant its completeness or accuracy, and it should not be relied upon. All views and opinions are subject to change and should not be interpreted as specific advice of any nature. Any reproduction or distribution of the content of this newsletter is prohibited without the explicit written consent of Transfix, Inc.