The Cass Freight Index for June reflects a market where tight capacity continues to push rates higher even as shipment activity softens.
- Shipments in the Cass Freight Index declined 4.1% y/y in June, marking the lowest June since 2020
- Volumes fell 3.1% m/m, or 2.9% m/m in seasonally adjusted terms
- Expenditures (the total amount spent on freight) increased 11.2% y/y and 2.2% m/m—notable for many reasons including the opposite direction in volume movement
The Cass Truckload Linehaul Index, weighted heavily with contract rates, was up 5.5% YoY, despite a slight 0.9% MoM dip, suggesting a pause in upward momentum rather than a reversal.
Cass Freight Index — Shipments
The normal seasonal trend would put the shipments component of the Cass Freight Index down about 3% y/y in June.
- The shipments component of the Cass Freight Index fell 4.1% y/y and 3.1% m/m in June.
- In seasonally adjusted (SA) terms, shipments fell 2.9% m/m, reversing most of the year-to-date gains.
- To some extent, volumes are still down because capacity is declining, and the glimmers of strong demand visible with double-digit growth in the relatively small domestic intermodal sector are not moving the needle in this more trucking-based index. Higher fuel prices were also a drag on goods demand.
Cass Freight Index — Expenditures
The expenditures component of the Cass Freight Index, which measures the total amount spent on freight, rose 11.2% y/y in June to 3.64, accelerating from a 7.5% y/y gain in May.
The acceleration was mainly due to rates, while volumes stepped back.
- In SA terms, the index has risen m/m for eight straight months, and rose 1.2% m/m in June, after a 4.9% m/m increase in May.
The expenditures component of the Cass Freight Index, after a record 38% surge in 2021 and another 23% increase in 2022, fell 19% in 2023 and 11% in 2024. In 2025, the index declined by 0.5%.
Cass Truckload Linehaul Index
The Cass Truckload Linehaul Index fell to 149.4 in June, down 0.9% m/m, but up 5.5% y/y.
- These shipper-sourced rates are not taking off like some leading spot indicators, but should provide a perspective consistent with the broader truckload market, which is still mostly under contract rates.
- With many shipper bids taking effect July 1, this is likely a temporary pause in the upward move in truckload rates.
- This index reflects the whole for-hire market, both spot and contract rates.
The Cass Truckload Linehaul Index fell 10% in 2023, another 3.4% in 2024, and turned up to a 1.8% increase in 2025.
Dana Guthrie is an award-winning journalist who has been featured in multiple newspapers, books and magazines across the globe. She is currently based in the Atlanta, Georgia, area.
