“Shippers paid more to move less freight in the third quarter—a clear signal that industry capacity is exiting. While higher fuel prices played a role, it doesn’t fully explain the increase in spending,” stated Bobby Holland, US financial institution director of freight enterprise analytics. “The impact of fleet exits is showing up in pricing, pushing rates higher even as volumes remain soft.”
The US truck freight market declined in Q3 2025, with cargo volumes down 2.9 per cent from Q2 and 10.7 per cent year-on-year, in response to the most recent US Bank Freight Payment Index.
Despite decrease volumes, shipper spending rose 2 per cent, marking a second straight quarterly enhance as tightening capacity and fleet exits pushed charges increased.
Compared with Q3 2024, cargo volumes fell 10.7 per cent in the third quarter. Since peaking in late 2020, volumes have declined greater than 40 per cent, with the steepest drops occurring over the previous two years. Despite this ongoing contraction, shipper spending is displaying indicators of restoration. In Q3, spending rose 2.0 per cent from the earlier quarter. Over the final two quarters, spending has elevated by a complete of three.2 per cent. Compared with Q3 2024, spending was just one.7 per cent decrease, regardless of the double-digit drop in quantity, suggesting that charges are rising as {industry} capacity tightens, US Bancorp stated in a press launch.
Regionally, the Southwest skilled the steepest decline in cargo volumes, falling 15.7 per cent from the earlier quarter and 32.8 per cent year-over-year. In distinction, the Northeast continued to outperform, with shipments up 0.6 per cent from Q2 and 6.3 per cent year-over-year.
“The freight market faced renewed pressure in Q3, with areas key to the trucking industry like manufacturing, construction, and consumer goods spending showing signs of strain,” stated Bob Costello, senior vp and chief economist on the American Trucking Associations. “Despite a brief rebound in the second quarter, challenges continue to weigh on freight activity.”
The US Bank Freight Payment Index measures quantitative modifications in freight shipments and spend exercise based mostly on knowledge from transactions processed by the US Bank Freight Payment platform. US Bank Freight Payment processes an industry-leading $43 billion in freight funds yearly for shippers and carriers throughout the US. The Index insights are supplied to US Bank prospects to assist them make enterprise selections and uncover new alternatives.
Fibre2Fashion News Desk (RR)