The Cass Freight Index showed modest improvement in September 2025, with shipments up +2.5% MoM (+1.5% SA) but still down -5.4% YoY, signaling a partial rebound after August’s weakness.

• Shipments rose +1.5% SA MoM, reversing the prior month’s -1.5% decline, as truckload volumes improved while LTL volumes fell amid continued rate-driven consolidation.

• Expenditures increased +5.1% MoM (+2.5% SA) and +2.2% YoY, reflecting higher rates and modestly stronger volumes.

• The Truckload Linehaul Index rose +1.7% MoM and +2.6% YoY, accelerating from +1.2% YoY in August.

• On a two-year basis, shipments were down -10.4% and expenditures -4.5%, underscoring lingering weakness since 2022.

• Freight capacity continues to tighten, with Class 8 tractor production expected to decline -32% from 1H to 2H 2025, potentially setting the stage for future rebalancing in the for-hire market.

• Despite short-term gains, the index remains on track for another annual decline in 2025, extending the downtrend that began in 2023.