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The U.S. Bank Freight Payment Index reported a significant contraction in the U.S. truck freight market in the first quarter of 2024. Spending by shippers fell 27.9% year-over-year, while shipment volume dropped 21.6%. All regions, except the Southwest, experienced declines in shipments and spending. The Northeast had the largest contractions, impacted by bad weather and softer retail sales.
L'Indice di Pagamento del Trasporto di U.S. Bank ha rilevato una notevole contrazione nel mercato dei trasporti su camion negli Stati Uniti nel primo trimestre del 2024. Le spese effettuate dai mittenti sono diminuite del 27,9% rispetto all'anno precedente, mentre il volume delle spedizioni è sceso del 21,6%. Tutte le regioni, ad eccezione del Sudovest, hanno registrato cali nelle spedizioni e nelle spese. Il Nordest ha subito le contrazioni più significative, influenzate dal maltempo e da un calo nelle vendite al dettaglio.
El Índice de Pago de Fletes del Banco de EE.UU. informó una significativa contracción en el mercado de fletes de camiones de EE.UU. en el primer trimestre de 2024. Los gastos de los expedidores se redujeron un 27.9% en comparación anual, mientras que el volumen de envíos disminuyó un 21.6%. Todas las regiones, excepto el Suroeste, experimentaron descensos en los envíos y en los gastos. El Noreste registró las mayores contracciones, afectado por el mal tiempo y una disminución en las ventas minoristas.
미국 은행 화물 지불 지수는 2024년 1분기에 미국 트럭 화물 시장이 크게 축소되었다고 보고했습니다. 발송자의 지출은 전년 대비 27.9% 감소했으며, 화물량은 21.6% 감소했습니다. 남서부를 제외한 모든 지역에서 운송량 및 지출이 감소했습니다. 북동부는 나쁜 날씨와 소매 판매 약화의 영향을 받아 가장 큰 축소가 있었습니다.
L'Index de Paiement de Fret de la Banque américaine a rapporté une contraction significative du marché du fret routier aux États-Unis au premier trimestre de 2024. Les dépenses des expéditeurs ont chuté de 27,9% par rapport à l'année précédente, tandis que le volume des expéditions a diminué de 21,6%. Toutes les régions, sauf le Sud-Ouest, ont connu des baisses dans les expéditions et les dépenses. Le Nord-Est a subi les plus grandes contractions, affecté par le mauvais temps et une baisse des ventes au détail.
Der U.S. Bank Freight Payment Index berichtete von einer erheblichen Schrumpfung auf dem US-amerikanischen LKW-Frachtmarkt im ersten Quartal 2024. Die Ausgaben der Versender fielen um 27,9% im Vergleich zum Vorjahr, während das Sendevolumen um 21,6% sank. Alle Regionen außer dem Südwesten verzeichneten Rückgänge bei Sendungen und Ausgaben. Der Nordosten erlebte die größten Einbußen, beeinflusst durch schlechtes Wetter und schwächere Einzelhandelsumsätze.
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None.
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Significant year-over-year decline in spending and shipment volume in the U.S. truck freight market
All regions except the Southwest experienced declines in shipments and spending
Severe contraction in the Northeast due to bad weather and softer retail sales
Compared to a year earlier, first quarter 2024 spending fell 27.9% while shipment volume dropped 21.6%
MINNEAPOLIS--(BUSINESS WIRE)--
The latest U.S. Bank Freight Payment Index revealed that the U.S. truck freight market contracted significantly during the first three months of 2024. Spending by shippers decreased 27.9% in the first quarter compared with the same period in 2023 and was down 16.8% compared to the fourth quarter of 2023. Meanwhile, shipments dropped 21.6% from a year prior and 7.8% from the fourth quarter of 2023.
“While there was hope for a freight market turnaround to start the year, our data shows that the challenges continued,” said Bobby Holland, director of freight business analytics, U.S. Bank. “Nationally, this was the eighth straight quarter of year-over-year volume decreases and the fifth straight with a drop in spending.”
The U.S. Bank Freight Payment Index regional data shows how widespread the current challenges are for the truck freight market. With the exception of the Southwest – which had a quarterly increase in volume – all regions had significant declines in shipments and spending. The most severe contraction was in the Northeast, where spending dropped 34.8% year-over-year and shipments fell 33.9%.
“Spending fell disproportionately to the drop in volume, which suggests downward rates pressure to start the year,” said Bob Costello, senior vice president and chief economist at the American Trucking Associations. “Truck capacity remained above the amount of freight available. The degree to which this mismatch shrinks or expands will be important to watch throughout the year.”
National Data
Shipments
Linked quarter: -7.8% Year over year: -21.6%
Spending
Linked quarter: -16.8% Year over year: -27.9%
Regional Data
West
Shipments
Linked quarter: -10.6% Year over year: -23.0%
Spending
Linked quarter: -19.9% Year over year: -30.6%
Overcapacity, bad weather and consumers spending less on goods all impacted the truck freight market in the West. This was the third time since the height of the pandemic that the region had annual and quarterly declines in both spending and volume.
Southwest
Shipments
Linked quarter: 8.9% Year over year: -12.8%
Spending
Third quarter: -16.5% Year over year: -29.2%
The only region to have higher volumes, shipments in the Southwest were up 8.9% over the previous quarter. However, they were down -12.8% year over year. Weaker factory output in the region was partially offset by higher cross-border freight from Mexico.
Midwest
Shipments
Linked quarter: -9.5% Year over year: -18.5%
Spending
Linked quarter: -15.4% Year over year: -25.9%
Shipment volumes dropped for the fourth consecutive quarter in the Midwest. A slowdown in auto sales and softer manufacturing activity contributed to the declines.
Northeast
Shipments
Linked quarter: -17.5% Year over year: -33.9%
Spending
Linked quarter: -23.8% Year over year: -34.8%
The Northeast had an extremely difficult quarter, with the largest declines of all five regions. Bad winter storms and softer retail sales were two drivers of the major contractions in volume and spending.
Southeast
Shipments
Linked quarter: -9.0% Year over year: -24.4%
Spending
Linked quarter: -13.8% Year over year: -25.0%
The Southeast experienced its 11th consecutive quarter where shipments contracted sequentially. However, the region had the smallest decline in volume of the four regions that contracted and the smallest decline in spending.
To see the full report including in-depth regional data, visit the U.S. Bank Freight Payment Index website. For more than 25 years, organizations have turned to U.S. Bank Freight Payment for the service, reliability, and security of a full-service, federally regulated financial institution. The U.S. Bank Freight Payment Index measures quantitative changes in freight shipments and spend activity based on data from transactions processed through U.S. Bank Freight Payment.
About U.S. Bank
U.S. Bancorp, with more than 70,000 employees and $684 billion in assets as of March 31, 2024, is the parent company of U.S. Bank National Association. Headquartered in Minneapolis, the company serves millions of customers locally, nationally and globally through a diversified mix of businesses including consumer banking, business banking, commercial banking, institutional banking, payments and wealth management. U.S. Bancorp has been recognized for its approach to digital innovation, community partnerships and customer service, including being named one of the 2024 World’s Most Ethical Companies and Fortune’s most admired superregional bank. Learn more at usbank.com/about.
Todd Deutsch, U.S. Bank Public Affairs & Communications
todd.deutsch@usbank.com | 612.303.4148
Source: U.S. Bancorp
FAQ
What is the U.S. Bank Freight Payment Index about?
The U.S. Bank Freight Payment Index measures changes in freight shipments and spending activity based on data from transactions processed through U.S. Bank Freight Payment.
How much did first quarter 2024 spending decrease compared to a year earlier?
First quarter 2024 spending fell 27.9% compared to the same period in 2023.
What regions had significant declines in shipments and spending according to the U.S. Bank Freight Payment Index?
All regions except the Southwest experienced significant declines in shipments and spending.
What factors contributed to the major contractions in volume and spending in the Northeast according to the U.S. Bank Freight Payment Index?
Bad winter storms and softer retail sales were drivers of major contractions in volume and spending in the Northeast.
