Bank of America’s latest truckload shipper survey indicates a modest improvement in demand expectations, with its demand indicator rising to 57.4 from 56.1 in the prior week. The measure remains below the survey’s historic growth threshold of 60 for a second consecutive week, following a nine-week streak above that level. The sequential increase of 2.4% slightly outpaced the typical mid- to late-August seasonal uptick in the survey’s 15-year history.
The prior survey’s demand indicator had declined 11.1%, compared with an average drop of 2.9%, marking the second-largest sequential decline in the survey’s history. Year-over-year, the demand indicator is up 2%.
Shipper sentiment has shifted modestly, with 38% of respondents expecting positive short-term demand outlooks, up from 29% in the last survey. Neutral outlooks fell to 43% from 61%, while negative outlooks rose to 19% from 10%.
Capacity conditions showed signs of loosening, with the capacity indicator rising to 32.4 from 25.6, its highest level since March 2026. The measure remains well below historic norms despite a 27% sequential increase. The rate indicator climbed to 79.7 from 76.8.
Spot rates for dry van truckloads, excluding fuel, declined to $2.05 per mile from $2.08 per mile in the prior week. Rates have fallen for five consecutive weeks from a peak of $2.31 per mile but remain 38% higher than a year ago. Rail carloads increased 3.8% year-over-year.
Shippers’ expectations for future rates showed little change, with 62% anticipating higher rates, compared with 61% in the prior survey. Those expecting flat prices rose to 35% from 32%, while the share expecting declines fell to 3% from 7%.
