Truckload pricing slipped another 0.9 percent in March 2017 compared with the same month a year ago, the 13th consecutive month of year-over-year declines, according to the latest Cass Truckload Linehaul Index.
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Truckload rates fell 0.9 percent year-over-year in March 2017, according to the latest Cass Truckload Linehaul Index.
Truckload rates fell another 0.9 percent in March 2017 compared with the same month a year ago, the 13th consecutive month of year-over-year declines, according to the latest Cass Truckload Linehaul Index.
The March decrease follows pricing declines of 0.6 percent in March 2016, 2.3 percent in April, 1.2 percent in May, 1.8 percent in June, 1.6 percent in July, 2.8 percent in August, 3.5 percent in September, 1.4 percent in October, 1.5 percent in November, 0.9 percent in December, 0.3 percent in January 2017, and 0.8 percent in February.
Although the negative growth in March was the first since May 2010, pricing growth had steadily contracted over the previous 12 months, from 5.1 percent year-over-year growth in March 2015 to 3.8 percent in April, 3.5 percent in May, 3.6 percent in June and July, 3.7 percent in August, 3.2 percent in September, 1.9 percent in October, 1.6 percent in November, 1.1 percent in December, 0.4 percent in January and 0.5 percent in February.
Cass said the rate free fall is “consistent with the pre-announcements of lower earnings by several of the larger trucking companies,” reiterating its previous pricing forecast of a -1 percent to 2 percent year-over-year growth rate for 2017.
Despite the continued decline, “the current strength being reported in spot rates by DAT Solutions is leading us to believe contract pricing rates should move back into positive territory at least on a sequential basis,” the firm said.