DAT: November truckload volumes fall to 2025 low

Truckload volumes fell to their lowest level of 2025 in November, with double-digit declines in van, refrigerated and flatbed freight, DAT Freight & Analytics said on Dec. 19, 2025.

Volumes

DAT's Truckload Volume Index for vans was 197, down 18% from October and 12% from a year earlier. The refrigerated index was 172, down 11% month over month and 6% year over year. The flatbed index was 243, down 22% from October and 3% from a year earlier.

"With Thanksgiving and Black Friday falling nearly as late as possible on the calendar, there was less urgency to move freight until the final week of the month," said Ken Adamo, DAT's chief of analytics.

He said the short holiday week, winter weather and other disruptions made for "a busy end to an otherwise soft November, but not enough to offset the earlier weakness."

Rates

Spot rate changes were mixed. The spot van rate averaged $2.09 a mile, up 2 cents from October. Spot reefer averaged $2.54, up 6 cents, and spot flatbed averaged $2.47, down 4 cents.

Spot rates were higher than a year earlier, when van averaged $2.03 a mile, reefer $2.45 and flatbed $2.37. DAT said higher fuel prices were a factor.

Contract rates rose from October. Contract van averaged $2.46 a mile, up 4 cents; contract reefer $2.81, up 3 cents; and contract flatbed $3.07, up 1 cent.

What it meant for carriers

Average contract rates were higher than spot rates in November, a pattern DAT said had persisted across the freight market since early 2022.

"The market remains fundamentally inverted," Adamo said. "Oversupply persists, shippers are cautious amid economic uncertainty, and many carriers are still operating unprofitably."

He said December should bring some seasonal lift, "but we will need to see sustained strength after the holidays to gain confidence that the market is poised to flip."