Survey Says: Demand view (61.4) down slightly, yet rates view nears all-time highs

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Survey Says: Demand view (61.4) down slightly, yet rates view nears all-time highs

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Transportation - Trucking

Survey Says: Demand view (61.4) down

slightly, yet rates view nears all-time highs

Price Objective Change

Truck Shipper Survey #363, Week of June 11, 2026 12 June 2026

This week, our proprietary bi-weekly BofA Truckload Demand Indicator for shippers'

Equity0- to 3-month freight demand outlook decreased slightly to 61.4 (the fifth highest

Americaslevel since April ‘22), from 62.2 last survey. The sustained strength in our BofA Truck Road Transport/Trucking

Shipper Survey Demand Indicator (10-week avg is 62.6), and stable- to-modestly-

improving demand commentary from Truck carriers at our 33rd Annual BofA Industrials,

Transportation, and Airlines Key Leaders Conference (see Conf note) augurs well for the

long awaited cycle inflection after ~4 years of a Freight Recession. Our survey suggests

underlying demand is holding steady despite concerns of demand destruction from

elevated fuel prices (which fell 8% to $86/bbl over the past week), while Inventory views

are balanced, capacity views are near all-time lows, and pricing views are near all-time

highs (on capacity removal). We view this as a strong setup with steady demand as

ongoing capacity cuts continue. The Demand Indicator is up 13% yr-yr. The Capacity

Indicator decreased sharply to 20.5, the lowest level since May 2021, highlighting the

widespread impact of the truck capacity removal. Rail carloads were up 3.4% yr-yr this

Ken Hoexter

week. DAT Dry van spot linehaul rates (ex-fuel) increased to $2.17/mile this week, from Research Analyst

$2.12/mile last week, up 43% yr-yr. Of the respondents, 43% had positive short-term BofAS

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