**OTA Report May 2024: Spot Rates Climb, Intermodal Rebounds, and Consumers Are Feeling Themselves**

by TRUCKERS VA
(UNITED STATES)

Intro – May Wasn’t Just Hot Weather, It Was a Hot Freight Market

According to the latest white paper from the OTA (Owner-Operator Trucker Association), May brought more than just BBQ smoke and pollen—it lit a little fire under the freight market too.

Spot rates jumped, intermodal freight surged, and—get this—consumer sentiment actually went up.
Yeah, you read that right. People are feeling better about money, and that has a real impact on trucking.

But before you start pre-ordering that new Pete… let’s break this down for what it really means to you as a trucker, fleet owner, or freight broker.

Spot Rates: Finally Heading North Again

Let’s start with the best news—spot rates for van, reefer, and even some flatbed lanes climbed steadily through May.

Highlights:

Dry van: ↑ 6.1%

Reefer: ↑ 5.3%

Flatbed: ↑ 2.7%

No, this ain’t 2021 peak-crazy money. But it’s the first clear upward shift in months—especially in lanes out of Texas, the Southeast, and Midwest.

What’s driving the increase?

Seasonal freight surges (produce, construction materials, retail stock-ups)

Tightening capacity from small fleet closures

Shippers panic-booking ahead of Q3 uncertainty

If you’ve been surviving on lowball offers—this may finally be your window to run smarter, not just harder.

Intermodal Freight: Back Like It Never Left

Trucks might rule the roads, but rail and intermodal came out swinging in May. OTA reports a 9.4% surge in intermodal volume—the biggest monthly bump in nearly a year.

Why does this matter?

Well, when intermodal’s hot:

It signals long-haul demand is back

It pulls freight off the highways, tightening capacity for OTR

It indirectly boosts truckload rates

More containers moving = more drayage work = more pressure on short-haul truck capacity.

Shippers are playing the long game again. That’s good news for planners, but not so great for cowboy-loaders who love last-minute spot bidding.

Consumer Sentiment: Up, But Not Unstoppable

Surprisingly, the OTA report flagged a measurable uptick in consumer sentiment in May.

Translation:

Folks are spending again (especially on food, electronics, and small home goods)

Retailers are ordering more inventory

E-commerce freight is climbing

But here’s the kicker:
This isn’t “YOLO” spending. It’s cautious optimism.
People feel better—but they’re still cost-conscious. That means more LTL and intermodal, less high-end expedited shipping.

For truckers? That’s a sign to watch the lanes, not the headlines.

Multiple Perspectives – Who’s Winning in May?

🚛 Owner-Operators:
“About time the spot market threw us a bone.”
Many are finally able to run lanes that actually pay without begging dispatch for scraps.

📦 Shippers:
“We’re seeing stability… so we’re locking in contracts again.”
Some shippers are shifting back to longer-term relationships. Bad news for load board cowboys, great news for relationship-builders.

📉 Carriers who held on (barely):
“You mean we didn’t go broke for nothin’?”
Fleets that didn’t fold are now seeing a small return on that grit. Hang in there, y’all.

🤖 Tech-watchers:
“AI route planning, predictive freight tools, and autonomous trials are driving cost control.”
Yeah yeah, the robots are still coming. But not fast enough to ignore this market rebound.

Industry Response – What the Big Players Are Doing

Big carriers are already making moves:

Knight-Swift is expanding LTL and consolidating freight density

XPO is refocusing on tech-driven intermodal plays

Private fleets are growing rapidly as companies try to lock in supply chain control

And the biggest trend? More focus on regional lanes and strategic partnerships with shippers.
If you’re a trucker who can offer consistency and customer service, this is your moment to build something sticky.

Bottom Line – Green Shoots, Not Green Lights

May showed some momentum—but don’t get it twisted.
This isn’t a freight gold rush. It’s a recovering market, and the winners will be those who can adapt faster, smarter, and leaner than before.

Use this uptick to:

Reinforce your best lanes

Strengthen shipper relationships

Cut deadhead and fuel waste

Start building side income (yeah, I said it)

Because the market giveth... and it taketh away real quick.

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