NEW YORK — Notwithstanding the deceleration in load growth this spring, the strength in truckload pricing in the U.S. is holding firm, reports Peter Nesvold of investment banking company, Jefferies & Co.

Revenue per mile, net of fuel, was up 7.2 percent year-over year in May, although short-haul (less than 500 miles) is weak (-3.9%).

"We continue to believe that volume leads price and that sustained pricing gains will, to a large extent, hinge upon a reacceleration in truckloads loads — and not just supply-side capacity rationalization," Nesvold tells investors in a newsletter.

"Our full-year yield forecast is roughly 4 percent for contracted freight, slightly higher for spot."

Dry van pricing, specifically, remains strong. Despite the slowdown in volumes, pricing was up 9.8 percent, with gains strongest in the long- and medium-haul portions of the market.

Meanwhile, LTL tonnage jumped 15.1 percent YoY, notching its fifth consecutive double-digit gain. Meanwhile, LTL pricing
(revenue per ton) increased for the tenth consecutive month, rising 7.7 percent, reports Nesvold.

"We expect the solid pricing growth in the LTL sector to continue, driven by improving demand trends and more rational pricing environments."

While truck tonnage captures most of the headlines, loads are actually a more important indicator of volumes for truckloads, adds Nesvold.

"Recall that our work has found that truckloads typically peak out earlier than tonnage as the cycle matures."

The firm has been forecasting flattish loads for 2011, with weakness appearing to be most prevalent in the refrigerated segment.