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- \nShipper spending rose 5.2% quarter-over-quarter and 32.1% year-over-year, the largest annual increase since 2021<\/p>\n<\/li>\n
- \nFreight volumes varied sharply by region, while spending increased in every region. Most notably, the Southwest saw a 51.6% year-over-year increase<\/i><\/li>\n
- \nTighter capacity, rising rates and diesel prices that exceeded $6 per gallon drove higher costs<\/p>\n<\/li>\n<\/ul>\n
MINNEAPOLIS–(BUSINESS WIRE<\/a>)–
\nU.S. shippers continue to pay more to move freight even as shipment volumes remain largely unchanged, according to the latest U.S. Bank Freight Payment Index<\/a>. Third-quarter shipper spending surged 32.1% from a year ago, marking the largest annual increase since 2021, primarily driven by tightened carrier capacity and diesel prices climbing over $6.50 per gallon nationally.<\/p>\n\nNational shipment volumes increased both quarter-over-quarter and year-over-year for the first time since 2021, but the gains were modest at 0.4% and 0.5% respectively.<\/p>\n
\n\u201cWhat makes this quarter notable is that outlays are rising much faster than freight volumes,\u201d said Bob Costello, senior vice president and chief economist at the American Trucking Associations. \u201cFreight demand remains uneven, but companies are encountering tighter truck capacity, higher fuel costs and stronger carrier pricing power. As a result, shippers are spending substantially more to move essentially the same amount of freight.\u201d<\/p>\n
Regional results underscore a divided market<\/b><\/p>\n
\nShipments increased in the Southeast, Southwest and Northeast but declined in the West and Midwest. The Southeast posted the strongest quarter-over-quarter shipment gain at 4.7%, while the West recorded the largest decline at 3.1%. Compared with a year earlier, the Northeast led shipment growth at 2.8%.<\/p>\n
\nSpending rose in every region both sequentially and year-over-year. Quarter-over-quarter gains ranged from 0.6% in the Midwest to 9% in the Southeast. The Southwest posted the largest annual increase at 51.6%, reflecting especially tight capacity as enforcement actions reduced the availability of drivers hauling domestic loads. The West also faced outsized fuel pressure, with California diesel reaching $8.25 per gallon in late September.<\/p>\n
\n\u201cFreight conditions vary by region, but cost pressure is widespread,\u201d said Bobby Holland, director of freight business analytics at U.S. Bank. \u201cEven where volumes are flat or declining, tighter capacity and higher operating costs are driving spending higher.\u201d<\/p>\n
- \nTighter capacity, rising rates and diesel prices that exceeded $6 per gallon drove higher costs<\/p>\n<\/li>\n<\/ul>\n
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