Cass Data Showing Hope For 2025 Upswing
The latest monthly freight data from Cass Information Systems revealed a year-over-year decline in both shipments and expenditures, though the gaps have narrowed in July.
The Cass Freight Index showed shipments were down by only 1.1% year-over-year, marking the smallest decline in 17 months and suggesting that the worst of the current cycle may be over. This improvement follows an unseasonably weak June, with July shipments rising 3% month-over-month (3.1% higher after seasonal adjustments).
The report, released Wednesday, indicated that pressure on the for-hire truckload market is easing as demand for goods slowly picks up and private fleets scale back capacity expansion.
Despite being 9.9% lower than two years ago, July shipments exceeded expectations, which had anticipated a 4% year-over-year decline. Looking ahead, August shipments are forecasted to decrease by 3% year-over-year, with a projected 4% drop for the full year, slightly better than the June forecast.
The expenditures subindex, which tracks total freight spending, fell 6.2% year-over-year, the smallest drop in 18 months.