Cass Freight Index data shows U.S. truckload (TL) rates increased 11% in August 2024, while total freight shipments turned positive for the first time since May 2024.
Rate surge and shipment rebound
The Cass Truckload Linehaul Index rose 11% month-over-month in August 2024, marking the largest single-month increase since January 2023. This follows a 3.5% decline in July 2024. Simultaneously, the Cass Freight Index for total shipments posted a 0.4% gain in August 2024, reversing three consecutive months of contraction.
The uptick coincides with seasonal demand strength ahead of the holiday shipping season and tightening capacity as carriers continue to exit the market. Year-to-date, TL linehaul rates are up 7.2% compared to the same period in 2023, while total freight volumes remain 1.8% below the 2023 level.
Data source and methodology
All metrics derive from the Cass Freight Index, a monthly economic indicator compiled by Cass Information Systems using anonymized, real-world freight payment data from over 600 shippers and 30,000 carriers across North America. The index covers all major freight modes and is published on the 10th business day of each month.
The Cass Freight Index has tracked U.S. freight activity continuously since 1990. Its methodology adheres to U.S. Bureau of Economic Analysis standards and is widely cited by the Federal Reserve Bank of Atlanta, the U.S. Department of Transportation, and private-sector analysts.
Source: FreightWaves
Compiled from international media by the SCI.AI editorial team.
