Truckload linehaul rates jumped 11.3% year over year in August, according to data from Cass Information Systems, while freight shipment counts turned positive for the first time in three and a half years. The Cass truckload linehaul index, which tracks rates excluding fuel and accessorial surcharges, rose 70 basis points from July, marking 20 consecutive year-over-year increases and the largest gain since June 2022.

Freight shipments recorded by Cass rose 2.1% year over year in August, the first annual increase after 42 months of declines. Shipments climbed 5.6% sequentially, or 5% on a seasonally adjusted basis. Truckload freight accounts for more than half of the shipments captured in the index, with less-than-truckload freight representing roughly a quarter.

Cass' broader expenditures index, which measures total freight spending including fuel, surged 18.7% year over year and rose 5.8% from July. The report tied part of that increase to diesel prices, which were up 46% year over year and 10% sequentially in August. Cass processes about $37 billion in freight payables annually for its customers, giving the index a wide view of national freight activity.

The report struck a cautious note about the months ahead, pointing to elevated risks to consumer spending even as freight demand shows signs of a bottom. If typical seasonal patterns hold through September, the report said, the index would show roughly a 1% year-over-year increase.

Source: FreightWaves - https://www.freightwaves.com/news/cass-tl-rates-jump-11-in-august-freight-shipments-turn-positive