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Shipments and expenditures in the Cass Freight Index are down year-over-year but show signs of recovery not seen in nine months.

Index shows signs of freight recovery

March 14, 2024
The Cass Freight Index’s measured volumes and expenditures for freight are still down year over year this February but are the smallest annual decreases seen in months.

Freight volumes and expenditures showed promising signs of recovery this February after months of consistent year-over-year decreases, according to the latest freight index from Cass Information Systems.

In the February issue of the Cass Freight Index, shipment volumes increased 7.3% over January. This was slightly ahead of month-over-month seasonal expectations of 2.0% but was down 4.5% year over year. The 4.5% difference is the index’s smallest year-over-year decline in 10 months, noted Tim Denoyer, VP and senior analyst at ACT Research, in the Cass Transportation Index Report. The shrinkage in annual declines is an encouraging sign that the market is recovering.

See also: Will the freight economy warm up in spring?

The expenditures component of the index, which measures the total amount spent on freight, fell 19.8% year over year in February. These expenditures were up 4.0% month over month, or 1.8% when seasonally adjusted.

According to Cass, the total amount spent on freight has been down year over year consistently since February 2023. However, like shipments, February’s measured expenditure is the smallest year-over-year decrease in nine months. Before 2023, freight expenditure was consistently up year over year from September 2020 through November 2022.

A freight market forecast

About the Author

Jeremy Wolfe | Editor

Editor Jeremy Wolfe joined the FleetOwner team in February 2024. He graduated from the University of Wisconsin-Stevens Point with majors in English and Philosophy. He previously served as Editor for Endeavor Business Media's Water Group publications.

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