Barclays T.R.U.C.K.S. – Tracking Real-time U.S. Cargo KPIs Systematically

Research evidence excerpt

Barclays T.R.U.C.K.S. – Tracking Real-time U.S. Cargo KPIs Systematically

Equity Research

26 May 2026

North America Transportation

Barclays T.R.U.C.K.S. – Tracking

Real-time U.S. Cargo KPIs

North America TransportationSystematically

POSITIVE

TL spot rates continue to move higher following International North America Transportation

Eric Morgan, CFARoadcheck week, up 35-40% from last year with May tracking

nearly 10pts ahead of seasonality. +1eric.morgan@barclays.com212 526 9642

BCI, US

Brandon R. Oglenski

+1 212 526 8903

brandon.oglenski@barclays.com

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What's new this week (Figure 1): Truckload (TL) spot rates stepped up 2-7% sequentially

following low-double digit week-over-week gains in the prior week that included International

Roadcheck, a three-day inspection and compliance enforcement initiative organized annually

by the Commercial Vehicle Safety Alliance. Relative to last year, DAT rates improved 34% while

ITS rates were up 43%, with the May MTD average now outperforming historical seasonality by

7% and 9%, respectively. With respect to demand, ATA's truck tonnage index was sequentially

flat in April on the heels of two stronger months, with the measure maintaining YoY

improvement in the 3-4% range. However, we note the index is not our preferred indicator for

truckload volumes given a likely sizable bulk materials component.

Please also see Figure 2 for a detailed heat map summarizing the latest trends for demand, supply,