Cass Freight Index

Data Transportation

Source: Cass Information Systems
Source Link: https://www.cassinfo.com/
Frequency: Monthly
Next Release(s): September 15th, 2025 10:00 AM

Latest Updates

The Cass Freight Shipments Index fell -1.8% MoM (-1.7% SA) in July 2025 and was down -6.9% YoY, marking the sharpest annual drop since early 2024.
- Tariffs hit shipments harder in the most recent data, as paybacks began from demand pull-forwards earlier in the year, though goods prices are still relatively steady.
- The Cass Freight Expenditures Index declined -1.5% MoM (-0.6% SA) but edged up +0.4% YoY, with the gain driven entirely by higher rates.
- Inferred Freight Rates rose +0.4% MoM (+1.1% SA) and +7.9% YoY, reflecting modal shifts toward truckload from LTL.
- The Cass Truckload Linehaul Index fell -0.6% MoM but was up +2.4% YoY, supported by easier annual comparisons.
- Freight volumes remain soft, with 2025 on track for another annual decline despite rate increases.
Source
The Cass Freight Shipments Index fell -0.2% MoM (-0.2% SA) and -2.4% YoY in June 2025, continuing its multi-year downtrend in volume despite some stability in monthly trends.
- The trade war is having a variety of effects, with a few waves of pre-tariff inventory building and subsequent drawing down, but volumes were steady from May.
- The Cass Freight Expenditures Index dropped -1.2% MoM (-2.9% SA) but rose 2.6% YoY, its third consecutive YoY gain, driven entirely by higher rates.
- Inferred Freight Rates declined -1.0% MoM (-2.8% SA) but rose 5.2% YoY, reflecting modal shifts favoring truckload (TL) over less-than-truckload (LTL).
- The Truckload Linehaul Index rose 0.4% MoM and 1.9% YoY, signaling a modest recovery in per-mile pricing amid easier base comparisons.
- Freight volumes remain soft, and shipment levels are on track for a third straight annual decline, despite rate stabilization.
Source
The Cass Freight Shipments Index fell -0.4% MoM in May 2025 and -3.4% MoM on a seasonally adjusted basis, with shipments down -4.0% YoY as pre-tariff inventory stocking began reversing into destocking.
- The Cass Freight Expenditures Index rose 1.4% MoM (1.2% SA) and 0.8% YoY, marking the second consecutive YoY gain after over two years of declines.
- Inferred Freight Rates increased 1.8% MoM (4.8% SA) and 5.0% YoY, with a modal shift toward truckload (TL) supporting average rates.
- The Cass Truckload Linehaul Index declined -0.8% MoM and slowed to +0.6% YoY, suggesting weak underlying rate momentum.
- Freight demand remains soft overall, and the data continue to point toward a third straight year of YoY shipment declines in 2025.
Source
The Cass Freight Shipments Index rose 0.4% MoM (seasonally adjusted, 0.3% MoM) in April and was down -3.6% YoY, a smaller annual decline than March’s -5.3% YoY drop.
- The 6-month trend still points to another annual decline in 2025 after a -4.1% drop in 2024.
- The trade war is having a variety of effects on freight volumes, with significant decreases likely in May and June in international volumes, but likely a rebound in Q3 due to the recent 90-day U.S./China trade deal.
The Cass Freight Expenditures Index rose 3.3% MoM (seasonally adjusted, 2.2% MoM) and turned positive YoY for the first time in 28 months, up 1.2% YoY.
- Inferred Freight Rates rose 2.9% MoM (seasonally adjusted, 1.8% MoM) and 5.1% YoY, up from 3.5% YoY in March.
- Tougher comparisons in May and June suggest the rate may slow. After a 7% decline in 2024, freight rates are on track for low-single-digit increases in 2025.
- The Cass Truckload Linehaul Index fell -0.5% MoM and slowed to +0.9% YoY, from +1.5% YoY in March.
- The freight market remains weak, with TL carrier margins hitting a 15-year low in Q1 and continued pressure from trade-related demand shifts.
Source
The Cass Freight Shipments Index fell -2.1% MoM and -5.3% YoY in March, slightly higher from a -5.5% YoY decline in February.
- The decline on the month was a result of shipments falling back from a February bounce that was a result of bad weather in January and an increase in activity ahead of tariffs.
- The recent 90-day pause on most reciprocal tariffs will likely lead to more pre-tariff shipping in Q2. However, this will contend with adverse effects from the extreme tariffs on China at this writing, and other tariffs.
- Volumes may also be temporarily supported in the coming months as consumers scoop up pre-tariff goods before prices go up. But thereafter, the trade war is likely to extend the for-hire freight recession as higher prices reduce goods affordability and consumers’ real incomes.
The Cass Freight Expenditures Index (total amount spent on freight) grew 1.5% MoM but were still down -2.0% YoY in March, up from -4.6% YoY in February.
- The increase in spending came even though shipments fell, suggesting that freight costs increased significantly.
- The Cass Inferred Freight Rates measure was up 3.7% MoM and 3.5% YoY in March, up from 1.0% YoY in February.
- After a -7% decline in 2024, freight rates are starting 2025 on track for low- to mid-single-digit increases in 2025.
- The Cass Truckload Linehaul Index fell -0.1% MoM in March, after six straight small increases. The index was up 1.5% YoY (up from 1.9% YoY previously) and 4.7% above that August low in March.
Source
The Cass Freight Shipments Index bounced 10.5% MoM in February after a sharp decline in January. On an annual basis, the index is down -5.5% YoY, an improvement over the -8.2% YoY drop in January.
- The seasonally adjusted monthly decline was -4.9% MoM in February after the -2.7% MoM drop in January.
- Some of the sequential variation was likely caused by severe January weather, and some of the improvement in February was likely from pre-tariff shipping.
The Cass Freight Expenditures Index increased 3.4% MoM but was down -4.6% YoY in February, slightly worse than the -4.2% YoY decline in January.
- The seasonally adjusted monthly move was a -0.3% MoM drop.
- Inferred Freight Rates, using shipments and expenditures data, were down -4.9% MoM (seasonally adjusted) with an annual increase of 1.0% YoY (slowing from 4.3% YoY in January).
The Cass Truckload Linehaul Index rose 1.2% MoM and 1.9% YoY in February, the sixth straight small increase from a cycle low in August. The index was 4.8% above that August low in February.
Source
The Cass Freight Shipments Index fell -5.3% MoM (-2.7% MoM when seasonally adjusted) and -8.2% YoY in January.
- About half of the decline was normal seasonality, and part was likely worse weather than normal, and unusually in the Southeast.
- After rising 13% in 2021 and 0.6% in 2022, the index declined -5.5% in 2023 and -4.1% in 2024, and so far is trending toward another decline in 2025.
- The Expenditures Index, tracking amount spent, fell -4.8% MoM (-2.6% MoM when seasonally adjusted) and -4.2% YoY in January.
- The decline in spending was again from shipments. Comparing the changes in shipments and overall spending, we infer rates rose 0.5% MoM in January in the fourth straight price increase.
Source
The Cass Freight Shipments Index fell -3.1% MoM and -6.5% YoY in December, the largest YoY decline since January. The Expenditures Index was up 0.5% MoM but down -3.4% YoY.

With expenditures rising slightly and shipments lower, the Cass Inferred Freight Rates were up 3.7% MoM and 3.3% YoY. After a -14% decline in 2023, freight rates broadly fell -7% in 2024, including a few points of fuel savings.

The Cass Truckload Linehaul Index rose 1.2% MoM in December, the fourth straight small increase from a cycle low in August. The YoY decline narrowed to -0.4% in December from -1.1% in November. This index is now on the verge of turning positive YoY for the first time in two years, possibly in January.

Source