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For a look at last month’s data dive on intermodal spot rates, click the link here.

In October 2022, intermodal spot rates are on the DrayNow platform saw a month-over-month increase in Chicago, continued decreases in rates in the Atlanta market and a sharp drop in Los Angeles. When comparing this month to September, it’s very apparent that spot rate trends were not consistent.

The big news coming out of the October intermodal spot rate numbers is the 26% month-over-month decrease in the Los Angeles market. This drop in rates has made this the lowest point of the year. In this instance, however, the drop in the average is primarily due to longer mileage intermodal freight becoming available in the market. For context, the average mileage on a trip in Los Angeles was up 99% in October, bringing the average price per mile down. In comparison to October 2021, intermodal spot rates are down 28%.

While rates in Los Angeles were down, Chicago rates were up 2% in October and are now higher than the average in the LA market. It looks like Chicago rates are starting to come back up following last month’s 9% drop, but they’re still much lower than what was seen on the DrayNow platform towards the beginning of the year. Compared to this time last year, Chicago intermodal spot rates are up 18%.

The only month-over-month consistency in spot rate trends happened in Atlanta, where rates fell 3% compared to September. Overall, rates in the Atlanta marker remain higher than where they were earlier in 2022. Year-over-year, intermodal spot rates in the Atlanta market are down 2%.

As clearly displayed in the Los Angeles market this month, mileage is a major factor in determining where average spot rates will land at the end of the month. If the average mileage drops in LA, we will most likely see the average rate per mile in this market came right back up to where they were previously trending.

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