The Cass Freight Index showed further weakness in August 2025, with shipments falling -1.5% MoM (-1.5% SA) and down -9.3% YoY, reflecting the persistence of the freight downturn.

• Shipments fell -1.5% MoM (-1.5% SA) and were down -9.3% YoY. The downturn continues, with declines across LTL shipments while truckload and intermodal volumes held firmer.

• Expenditures dropped -2.8% MoM (-1.4% SA) and slipped -0.4% YoY. This reflects lower shipment volumes offset by higher average freight rates.

• Rates fell -1.3% MoM but edged up +0.1% SA. On a yearly basis, they rose +9.8%, driven largely by modal shifts from LTL to truckload.

• The Truckload Linehaul Index fell -1.8% MoM, after a smaller decline in July, while YoY growth slowed to +1.2%. This index has weakened notably from earlier in the year.

• Shipments have now declined in consecutive years after strong gains in 2021–22, with 2025 on track for another significant drop. Expenditures show a similar pattern, having retrenched after large increases earlier in the cycle.

• Freight demand remains soft amid tariff-related headwinds, though moderating Class 8 tractor orders suggest capacity growth is slowing, which could eventually support the for-hire market.