Seasonal patterns of volume lulls during mid-October took hold this week, slightly later than normal as the three disruptions at the beginning of the month helped create a short-term boost for freight demand. In years past, the middle of November was the time frame when demand started to gain momentum into the holiday season, so expect something similar this year, especially with Thanksgiving and Black Friday being the latest date possible.
The Outbound Tender Volume Index (OTVI), a measure of national freight demand that tracks shippers’ requests for trucking capacity, continued to trend lower after last week’s sizable drop, falling by 1.38% week over week. Even with back-to-back weeks of decline in freight demand, the OTVI is holding on to the year-over-year gains, currently 2.9% higher.
