Truck freight shipments and spending continued to contract in the third quarter, albeit at a slower pace than earlier this year, according to the latest U.S. Bank Freight Payment Index. Shipments were down 1.9% compared to the previous quarter while spending dropped 1.4%. This was the ninth consecutive quarterly decrease in volume, but the smallest drop in more than a year.
"The latest data continues to show some positive developments for the freight market. However, there remain sequential declines nationwide, and in most regions," said Bobby Holland, U.S. Bank director of freight business analytics. "Over the last two quarters, volume and spend contractions have lessened, but we’re waiting for clear evidence that the market has reached the bottom."
