June freight expenditures climbed due to higher truckload rates and fuel surcharges despite a 4.1% year-over-year decline in shipments.
Freight expenditures rose in June, driven by elevated truckload linehaul rates and fuel surcharges, even as shipments fell 4.1% year over year. The decline accelerated from May’s 1.2% drop, with volumes also slipping 3.1% month over month on a seasonally adjusted basis.
The Cass Freight Index, which is heavily weighted toward trucking, contrasted with J.B. Hunt Transport Services’ recent report of strong demand trends. Analysts noted that capacity reductions and higher fuel costs may have weighed on goods movement, offsetting gains in smaller segments like domestic intermodal.
A prior Cass report had projected a 1.8% year-over-year volume increase in the second half of 2024 if seasonal patterns held, though the latest data did not update this forecast.