A Mixed Bag in April for Freight
According to the Cass Information Systems Shipments Index, freight volumes edged up 0.4% in April compared to March. The year-over-year decline also narrowed, with shipments down 3.6% in April versus 5.3% in March. On a seasonally adjusted basis, the index rose 0.3% – a modest recovery following a 2.1% drop the previous month.
What does that actually mean for the truckload market? As noted in this week’s trucking news headline, the outlook is a mixed bag. While freight volumes could see a short-term boost in the coming months, there’s also a chance international volumes may dip in May and June – before potentially seeing renewed strength in Q3.
Another component of the Cass Freight Index is their Expenditures – which is the total amount spent on freight – and increased 3.3% month-over-month in April. This year-over-year uptick in spending was driven largely by rising rates, as shipment volumes actually declined 3.6%. Based on this, Cass estimates freight rates climbed 5.1% year-over-year in April.
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