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.