Freight volumes dropped in July, with expenditures slightly up y/y. Shipments fell 1.8% from June, down 6.9% y/y, the largest decline since January. Tariffs impacted shipments more in recent data. Expenditures declined 1.5% from June but were up 0.4% y/y. Actual freight rates rose nearly 8% y/y in July.

Cass’ TL linehaul index, excluding fuel and surcharges, dipped 0.6% sequentially but was 2.4% higher y/y. It has seen y/y gains every month this year. The index is expected to increase slightly in 2025. The industry outlook remains cautious due to tariffs, but tighter capacity may drive freight back to the market next year.

Data for the indexes is from freight bills paid by Cass. The company processes $36 billion in annual freight payables. The Outbound Tender Reject Index, a truck capacity proxy, shows current tender rejections exceeding prior-year levels but not yet signaling a recovery.

Read more at Yahoo Finance: Freight shipment decline streak extends to 30 months, Cass says