trucking

RXO Spot Rates Hit Five-Year Peak as Capacity Squeeze Extends Into Q3

Truckload spot rates surged to their highest levels since 2021, with broker RXO reporting a 32.5% year-over-year increase in the second quarter and a 43% jump through third-quarter operations. The firm's linehaul index, excluding fuel surcharges and tracking 250,000 lanes, recorded its largest sequential gain in five years during Q2. August spot rates remained substantially higher compared to the prior year. Shipper routing guides face mounting pressure as spot rates consistently exceed contract rates, a dynamic accelerating into peak season. Carrier capacity has tightened significantly due to regulatory enforcement and years of unfavorable economics, even amid modest freight demand. RXO's all-in cost-per-mile index reached 154.9 in Q2, the highest since early 2022. The firm's chief strategy officer cautioned that carrier operating costs remain 29% above prior cycle peaks, suggesting sustained rate inflation ahead regardless of muted volumes.