The Cass Freight Index signaled continued freight softness in December 2025, with shipments down -7.2% MoM (-3.2% SA) and -7.5% YoY, reaching a new cycle low.

• Cass Freight Index shipments fell -7.2% MoM in December (or -3.2% SA), marking a new cycle low and pointing to a sharp monthly pullback in freight volumes.

• Shipments were down -7.5% YoY in December, slightly worse than the full-year decline of -6.1%, underscoring continued contraction in freight activity.

• The report noted three winter storms in early December slowed the highway network and created pent-up demand that was still evident in the spot market in early January.

• Holiday consumer spending was described as stronger than inventory trends, with the report suggesting retail inventories have been destocking in recent months as freight volumes lagged spending.

• Cass expenditures fell -1.9% MoM in December and were down -0.6% YoY, indicating total freight spend declined less than volumes, consistent with higher rates offsetting lower shipments.

• In seasonally adjusted terms, expenditures rose +0.2% MoM after a +2.1% SA increase in November, suggesting a modest underlying uptick in spending momentum despite the headline decline.

• The Truckload Linehaul Index rose +1.0% MoM and +2.1% YoY in December, with the report attributing rate gains amid lower volumes largely to weather disruptions that may prove temporary as backlogs clear.