Truckload linehaul rates rose 11.3% year over year in August while freight shipments turned positive for the first time in three and a half years, according to data from Cass Information Systems. The Cass TL linehaul index, which tracks rates excluding fuel and accessorial surcharges, marked its 20th consecutive year-over-year increase and its largest gain since June 2022, and was up 70 basis points from July. Freight shipments recorded by Cass increased 2.1% year over year, the first such increase after 42 months of declines, and were 5.6% higher sequentially in August, or up 5% seasonally adjusted. Cass' expenditures index, which measures total freight spend including fuel, surged 18.7% year over year and rose 5.8% from July, or 6% seasonally adjusted, driven by the positive inflection in shipments and diesel prices that were up 46% year over year and 10% sequentially. The report said the sequential increase in linehaul rates was in line with expectations and noted that even as spot rates slow with modest sequential declines, the much larger contract market is adjusting higher, adding that the freight bottom is probably in and growth should continue, though modestly. Cass, a provider of payment management solutions, processes $37 billion in freight payables annually on behalf of customers.
Cass Information Systems IncCass's own data shows TL linehaul rates up 11.3% YoY and freight shipments turning positive for the first time in 42 months, signaling stronger freight demand for its payment management business.
