Cass index shows US freight shipments up for a second month as truckload rates climb
The shipments index rose 1.9% from a year earlier to 1.062, while the truckload linehaul index reached 154.8, up 10.1% from September 2025.
U.S. freight shipments rose from a year earlier for the second straight month in September, while truckload rates kept climbing, according to the latest Cass Transportation Indexes.
The shipments component of the Cass Freight Index rose 2.3% from August and 1.9% from September 2025, to 1.062. Cass said the two straight annual gains follow a downturn of about three and a half years, the longest on record for that measure.
On a seasonally adjusted basis, shipments rose 1.4% in September after a 5.0% gain in August.
Spending is rising faster than volume
The expenditures component, which tracks the total amount shippers spend on freight, reached 3.970 in September. That was about 20% above a year earlier, up from a 19% gain in August.
Cass said higher shipments, higher rates and fuel surcharges drove the jump. Before the past two months, spending had been running about 5.5% ahead of 2025 for the year.
After falling in 2023, 2024 and 2025, the expenditures measure is on track for a 12% gain in 2026, according to the report.
Truckload linehaul rates
The Cass Truckload Linehaul Index, which covers both spot and contract truckload rates, rose 0.6% from August to 154.8. It was up 10.1% from September 2025.
The monthly gain was smaller than this year's average of 0.9%. Cass said spot rates eased somewhat and contract rates slowed, with few bids at this time of year. It said the much larger contract market is still adjusting higher even as spot rates post modest monthly declines.
The linehaul index fell 10% in 2023 and 3.4% in 2024, then rose 1.8% in 2025. It is on pace for a 7% increase in 2026.
What is behind the turn
The report, written by ACT Research, points to modest retail and industrial growth and some inventory restocking as container imports surge. It also cites a smaller private fleet and rising new equipment sales as support for for-hire volumes.
Cass cautioned that two months do not make a trend and that rising oil prices and interest rates are limiting factors. Still, it said the cycle is "on a positive track."
What to watch
If October follows its normal seasonal pattern, Cass said, shipments would be up about 4% from a year earlier and expenditures about 23%.
For fleets, the numbers suggest that more freight and firmer contract rates are arriving together, while fuel and financing costs remain the main headwinds.