32.4% year over year — RXO said second-quarter truckload spot rates accelerated sharply from 16.5% in Q1, marking a ninth straight inflationary reading and the strongest sequential increase since Q2 2021.
RXO’s Curve index has climbed to its highest level in more than four years and is on pace to finish Q3 above Q2 through Aug. 21, signaling the upswing is still intensifying.
Federal enforcement has pushed more drivers and carriers out of the market, tightening capacity against shipper demand even as overall freight volumes remain muted.
Shippers are feeling the squeeze because spot rates are outpacing contract rates and straining routing guides, while carriers still face weak profitability with operating costs nearly 30% above the prior market peak, excluding fuel.
RXO said any sustained pickup in shipping volumes heading into peak season would further pressure the reduced supply base and add more inflation to rates.