Cass Freight Index Soft Again In August
August data from Cass Information Systems indicates the freight market remains in a downturn. Both shipments and freight expenditures decreased compared to the previous year.
The Cass Freight Index showed a 1.9% year-over-year decline in shipments for August, following a 1.1% drop in July. However, the August result was better than the projected 3% decline.
According to the report, "These were the smallest declines in 18 months as goods demand continues to grow slowly, and fewer capacity additions reduce pressure on for-hire shipments."
On a seasonally adjusted basis, shipment volume improved by 1% from July, marking the second consecutive monthly increase (3.1% in July), though it was still 12.3% lower than in 2022. The shipments index is expected to decline 3% year-over-year in September and decrease by 3% to 4% in 2024, following a 5.5% drop last year.
This data aligns with comments made by executives from major truckload carriers such as Schneider National and Werner Enterprises at a recent investor conference. They noted that the industry is slowly recovering from a prolonged recession, with no major market shifts, only normal seasonal demand patterns.