The U.S. Bank Freight Payment Index reported that truck freight shipments and spending continued to contract in the third quarter of 2024, though at a slower pace than earlier in the year. Shipments were down 1.9% and spending dropped 1.4% compared to the previous quarter.
This marks the ninth consecutive quarterly decrease in volume, but it represents the smallest drop in more than a year. The index measures quantitative changes in freight shipments and spend activity based on data processed through the U.S. Bank Freight Payment platform.
While national year-over-year metrics remained down, the sequential improvement suggests a potential stabilization in the truck freight market. These insights are provided to U.S. Bank customers to aid in business decisions and identify new opportunities.
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