Q3 U.S. Bank Freight Payment Index highlights changes in a shifting market

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The report’s third quarter shipment index value—at 118.5—was down 2.6% compared to the second quarter and was down 4.9% annually, marking the steepest annual decline going back to the first quarter of 2021. Third quarter spend was mostly down across the board, from the second quarter to the third quarter, with a 0.8% decline out West, a 5.3% decline in the Midwest and a 1.4% decrease in the Northeast, a 0.1% decrease in the Southeast, and a 1.7% increase in the Southwest. Annually, spend saw an 11.6% gain out West, a 6.5% gain in the Midwest, an 11.9% gain in the Northeast, a 10.2% increase in the Southeast, and a 24.8% gain in the Southwest.

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