MINNEAPOLIS--(BUSINESS WIRE)--Apr. 24, 2019--
The U.S.
Bank Freight Payment Index, a quarterly analysis of freight shipment
volumes and spend by companies shipping goods, revealed mixed results
for the first quarter of 2019 and moderation after record highs in 2018.
This press release features multimedia. View the full release here:
https://www.businesswire.com/news/home/20190424005640/en/
U.S. Bank Freight Payment Index Q1 2019 (Graphic: Business Wire)
-
Shipments contracted significantly nationwide, both on a quarterly and
annual basis.
-
Freight spending decreased from last quarter but increased slightly
from this time last year.
-
Numerous factors impacting shippers and carriers including: extreme
weather, international trade uncertainty and the partial government
shutdown.
-
Regional differences varied more dramatically than usual.
-
Midwest: crippling snow storms made shipments challenging,
spending was down.
-
Northeast: weather, plus decelerating manufacturing activity led
to slower shipping.
-
Southeast and Southwest: shipments fell while spend on trucking
rose.
- West Coast: trade trends that spiked volume in Q4 2018, led to
softer Q1 2019.
“There is good reason to expect the shipment index to recover from the
large drop in the first quarter as the winter weather effects will not
be present in the second quarter, plus economic activity is expected to
pick up from a seasonally slower first quarter,” said Bob Costello,
chief economist for the American Trucking Associations, who analyzes the
data for U.S. Bank quarterly.
“The regional information provided in the U.S. Bank Freight Payment
Index is important to our shipper and carrier clients who are paying
closer attention to regional trends,” said Bobby Holland, U.S. Bank vice
president and director of Freight Data Solutions. “Consumer demand for
faster delivery from eCommerce has many companies looking at logistics
from a regional perspective.”
To see the full report including in-depth regional data, visit the U.S.
Bank Freight Payment Index website.
U.S. Bank pioneered electronic freight payment more than 20 years ago.
The U.S. Bank Freight Payment Index measures quantitative changes in
freight shipments and spend activity based on data from transactions
processed through U.S.
Bank Freight Payment. The business processed more than $27.6 billion
in 2018 for some of the world’s largest corporations and government
agencies.
U.S. Bancorp, with 74,000 employees and $467 billion in assets as of
Dec. 31, 2018, is the parent company of U.S. Bank, the fifth-largest
commercial bank in the United States. The Minneapolis-based bank blends
its relationship teams, branches and ATM network with mobile and online
tools that allow customers to bank how, when and where they prefer. U.S.
Bank is committed to serving its millions of retail, business, wealth
management, payment, commercial and corporate, and investment services
customers across the country and around the world as a trusted financial
partner, a commitment recognized by the Ethisphere Institute naming the
bank a 2019 World’s Most Ethical Company. Visit U.S. Bank at usbank.com
or follow on social media to stay up to date with company news.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190424005640/en/
Source: U.S. Bank
Dana Stone, U.S. Bank Public Affairs & Communications
651-435-7908
office, 720-778-6667 mobile
dana.stone@usbank.com