The latest release of ACT Research’s For-Hire Trucking Index, which includes May data, showed a slowing in volumes, strength in pricing and a sharp decline in the supply-demand balance.

“Consistent with some consumer-related macro softness as well as the deceleration in DAT’s load-to-truck ratios from the beginning to the end of the month, May’s Volume Index decelerated to its lowest reading since the start of the pandemic,” Kenny Vieth, president and senior analyst at ACT Research, said. “Despite the drop in volume growth, we continue to witness the strongest rate environment in the survey’s history, with capacity re-engagement extraordinarily challenging as a result of driver and manufacturing constraints limiting the supply response.”

Regarding the supply-demand balance, Vieth said, “The pullback in the freight gauge and a tough seasonal factor on top of that were contributing factors in the sharp decline of the supply-demand balance reading, which dropped [nine points] month over month to a 13-month low 50.6 in May. Strong freight visibility suggests this metric will rebound from here as rebalancing continues into the medium-term.”