Freight demand, spending & regional markets
U.S. shipper spending jumps 32.1% while freight volume grows only 0.5%
· Source: U.S. Bank Freight Payment Index / Reuters
The U.S. Bank Freight Payment Index recorded third-quarter spending up 5.2% sequentially and 32.1% year over year, the largest annual increase since 2021, while shipment volume rose only 0.4% and 0.5%. The bank attributes the gap to tighter capacity, stronger carrier pricing and diesel above $6 per gallon, with sharply different regional volume trends.
Summary and practical context by RoadHouse Recruiting · Reviewed
Spending is rising far faster than shipments
National shipment volume increased 0.4% from the second quarter and 0.5% from a year earlier, while spending increased 5.2% and 32.1%. The index therefore points to cost pressure rather than a broad freight-volume surge. U.S. Bank and ATA economist Bob Costello cite tighter truck capacity, fuel and stronger carrier pricing power.
Regional shipment trends remain divided
Sequential shipment volume rose 4.7% in the Southeast, 2.9% in the Southwest and 1.4% in the Northeast, but fell 3.1% in the West and 2.5% in the Midwest. Year over year, the Northeast led at 2.8%, while the Southwest declined 2.6%. A national average can therefore misstate the demand environment on a specific lane.
Every region recorded higher spending
Quarterly spending gains ranged from 0.6% in the Midwest to 9.0% in the Southeast. Year over year, the Southwest increased 51.6%, the Southeast 32.7%, the West 31.1%, the Northeast 25.4% and the Midwest 25.3%. The bank links the Southwest surge to especially tight capacity and enforcement-related driver availability, a causal interpretation that individual shippers should test against their own tenders.
The index has a defined transaction scope
U.S. Bank says the seasonally and calendar-adjusted index uses actual payment-date transactions for domestic truckload and LTL freight and draws from roughly $46 billion in annual freight payments. It is not a spot-rate index, a driver-pay measure or a complete census of every shipper, carrier or freight mode.
What shippers and brokers should do
RoadHouse perspective: separate fuel, linehaul, accessorial and modal changes in the freight budget; compare tender acceptance and paid cost by region; and avoid assuming that flat volume means flat transportation expense. Rebid only where lane evidence supports it, because a national spending spike does not establish the same capacity condition everywhere.
Understanding the update
U.S. Bank supplies the primary index methodology and regional figures, while Reuters independently reported the five-year spending high and wider economic context. The bank's causal explanations are informed interpretations of its payment data, not proof of the reason for every invoice increase.
What it means for drivers and carriers
Freight budgets are rising much faster than shipment counts; manage the gap by region and cost component instead of relying on a single national demand signal.
Questions to consider
- Which lanes show higher paid cost without corresponding volume or service improvement?
- How much of the increase is fuel, linehaul, accessorial or modal mix?
- Do tender acceptance and carrier availability support the same conclusion as the regional index?
Read the original reporting
This page provides an original summary and practical commentary. The linked source contains the full reporting. Older stories reflect information available on their published dates.
Read the source at U.S. Bank Freight Payment Index / Reuters ↗ (opens in a new tab)