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.