The Cass Freight Index showed shipments down -4.9% MoM (-2.0% SA) and -7.1% YoY in January, reaching a new freight cycle low.

• The normal seasonal trend would have the shipments component of the Cass Freight Index down -11% YoY in February, although a rebound from the weather could support volumes above this.

• Freight expenditures declined -3.6% MoM but rose +0.6% YoY, suggesting higher rates offset weaker shipment activity.

• In seasonally adjusted terms, expenditures increased +0.4% MoM after +0.2% in December, pointing to modest underlying spending firmness.

• The Truckload Linehaul Index rose +1.7% MoM and +3.2% YoY, reflecting higher contract freight rates amid weather disruptions and tightening capacity.

• Shipments weakness contrasted with rising rates, indicating freight costs increased despite lower demand volumes.

• The report noted capacity contraction across equipment, drivers, and operating authorities, while demand continues to grow, supporting rate increases.

• Prior trends showed expenditures down -19% in 2023, -11% in 2024, and -0.5% in 2025, with the linehaul index turning positive in 2025 (+1.8%), signaling a gradual shift toward recovery.