The October rate quote average showed a substantial increase over last year. The deseasonalized average at $54.41 and the $8.37 year-over-year increase are the highest that we have seen since the one-month recall shortage spike in July 2014.
The red line shows the nationwide average quote with the normal seasonal component taken out, so month-to-month comparisons are valid. After about 18 months of showing little trend, we saw a sharp downtrend in December and January, followed by a consistent uptrend from February to July, a small drop and then flattening of the trend in August and September, and an increase this month.
Rate surveys are completed every Friday by Rate-Highway. The monthly averages are calculated using four or five weekly averages. This chart represents this month’s weekly averages.
During the third week, the rate increase of $17.33 was the highest that we have seen since the recall spike in July 2014. During the fourth week, the increase of 9.20 is down from the third week but still a substantial increase.
All regions were up over last October; the Southeast and Northwest regions had the highest increases of $14.71 and $14.65, respectively.
Jim Tennant of The Tennant Group and Michael Meyer of Rate-Highway Inc. have been conducting rate surveys on a weekly basis and providing analysis and comments where appropriate. They publish this monthly recap in our electronic edition and more comprehensive looks in the print editions.