U.S. Bank and DAT Freight & Analytics announced a collaboration to launch a new quarterly research report on U.S. truck freight rates. The report complements the U.S. Bank Freight Payment Index, focusing on contract rates, spot rates, and fuel surcharges using DAT data and analytics. The inaugural Q1 2026 edition revealed subtle but meaningful shifts in rates.

Spot market rates ended September at $1.62 per mile, rose to $1.67 per mile by the end of October, then dropped to $1.65 per mile by the end of November. Contract rates held steady at $1.99 per mile in September and October before rising to $2.01 per mile in early November.

Fuel surcharges remained a major variable, declining from $0.42 per mile to $0.40 per mile in early November before increasing to $0.43 per mile by Dec. 1. The 7.5% increase from November to early December was partially due to refinery outages in the Gulf Coast and Midwest.

Both spot and contract rates were less than 1% higher compared to the previous year, reflecting typical seasonal patterns. Regional breakdowns revealed differences in outbound freight volumes, with the Northeast seeing stronger activity and the Southeast lagging.

Structural changes were noted, including a narrowing gap between contract and spot rates, creating opportunities for shippers to renegotiate lanes. The report highlighted a trend of ongoing reduction in carrier capacity, which could lead to rapid rate increases if freight demand rebounds.

For shippers relying on the spot market, the report cautioned that as carrier supply shrinks, the risk of unexpected rate hikes will grow. Trade and tariffs, including a 25% tariff on certain imports from Mexico, shaped the 2025 freight market.

Overall, the report concluded that the first 11 months of 2025 were neither booming nor busting. Shippers were advised to diversify carrier relationships and stay informed on regulatory and international developments.

Read more at Yahoo Finance: U.S. Bank, DAT launch quarterly truck freight rates report