U.S. Bank Freight Payment Index: Truck freight spending, volume drop for fifth consecutive quarter
With another challenging quarter for truck freight economy, shipments are down nearly 10% year-over- year nationwide and almost 23% in West region
“This quarter’s Freight Payment Index results confirm that we are in a very challenging environment for motor carriers,” said
The pullback in shipments was greatest in the West region, where volume was down 22.9% compared with the third quarter of 2022. Spending, meanwhile, contracted the greatest in the Midwest region, where it’s down more 17.9% year-over-year. Even the Southwest region – which has stood out in recent quarters for spending increases – saw a drop of 4.8% compared to the previous quarter.
“Across the board our data is showing a continued decline of the truck freight market, especially compared to last year’s strong performance,” said
Linked quarter: -9.0%
Year over year: -22.9%
Linked quarter: -5.1%
Year over year: -14.1%
This was the sixth consecutive quarter of shipment declines in the West region, which has been negatively impacted by soft import volumes.
Linked quarter: -4.8%
Year over year: 3.3%
Third quarter: -7.0%
Year over year: -4.6%
This is the first quarterly decline in shipments the Southwest has experienced since early 2022. Shipments had increased 17.3% over the previous five quarters. A decline in homebuilding and cross-border truck transportation in the region contributed to the drop in volume.
Linked quarter: -1.1%
Year over year: -6.3%
Linked quarter: -4.4%
Year over year: -17.9%
The Midwest region had the lowest quarterly contraction in shipments among all regions. The region has experienced spending declines for three consecutive quarters.
Linked quarter: -2.7%
Year over year: -20.8%
Linked quarter: -1.6%
Year over year: -11.1%
Spending in the region had the smallest quarterly drop of all regions, significantly lower than the 10.9% decline in the previous quarter.
Linked quarter: -2.7%
Year over year: -14.0%
Linked quarter: -2.8%
Year over year: -5.1%
Shipments in the Southeast region have now declined for nine consecutive quarters. Fewer housing starts in the region have contributed to recent declines.
To see the full report including in-depth regional data, visit the
email@example.com | 612.303.4148