U.S. Bank Freight Payment Index: Less Contraction, Regional Bright Spots in Second Quarter
01 Agosto 2024 - 9:00AM
Business Wire
Truck freight shipments increase in West,
Northeast and Southeast regions compared to first quarter
Truck freight volumes and spending continued to drop in the
second quarter, but at a slower pace than recent quarters,
according to the latest U.S. Bank Freight Payment Index. Shipments
increased in three regions – the West, Northeast and Southeast – on
a quarterly basis, the first time multiple regions have experienced
increased volume in more than a year.
“Our data is showing some signs that the very challenging
freight market could be nearing a bottom,” said Bobby Holland,
director of freight business analytics, U.S. Bank. “There are still
headwinds for carriers, but at least in terms of volume, there are
some bright spots across the country.”
In the second quarter, shipments nationally dropped 2.2% while
spending contracted 2.8% on a quarterly basis. The declines were
less severe than the first quarter, when spending fell 16.8% and
shipping volume dropped 7.8%. Still, second quarter shipments were
down 22.4% compared to a year earlier and spend was off 23.5%.
“Trucking companies are facing a triple challenge of lower
volumes due to consumer preference to spend on experiences versus
goods, suppressed rates and higher costs,” said Bob Costello,
senior vice president and chief economist at the American Trucking
Associations. “This situation is likely to cause further capacity
reductions in the industry.”
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, which
processes more than $42 billion in freight payments annually for
shippers and carriers across the U.S. The Index insights are
provided to U.S. Bank customers to help them make business
decisions and discover new opportunities.
Data
National Data Shipments Linked quarter: -2.2% Year over
year: -22.4%
Spending Linked quarter: -2.8% Year over year: -23.5%
Regional Data West Shipments Linked quarter: 1.5%
Year over year: -19.8%
Spending Linked quarter: -2.3% Year over year: -25.5%
This marked the first sequential volume gain for the West since
the first quarter of 2022. Seaport volume as well as
truck-transported exports and imports in the region have increased,
which boosts truck freight.
Southwest Shipments Linked quarter: -13.6% Year over
year: -26.8%
Spending Linked quarter: -1.4% Year over year: -25.5%
The Southwest truck freight market has struggled the last
several quarters after outperforming other regions in parts of 2022
and 2023. The 1.4% quarterly spending drop was much better than the
first quarter, when spending was down -16.5%. Cross border trucking
in the region has been one of the few bright spots for the
market.
Midwest Shipments Linked quarter: -2.7% Year over year:
-20.3%
Spending Linked quarter: -6.0% Year over year: -23.1%
One of only two regions to post a quarterly decline in volumes,
the Midwest experienced sequential declines in five consecutive
quarters. The findings align with flat or slightly declining
economic indicators in the region.
Northeast Shipments Linked quarter: 2.7% Year over year:
-25.2%
Spending Linked quarter: -0.1% Year over year: -26.9%
This was the first time in two years the Northeast experienced a
quarterly increase in shipments. According to the Federal Reserve’s
Beige Book, spending on goods have held steady in the region, which
supports truck freight.
Southeast Shipments Linked quarter: 1.8% Year over year:
-22.9%
Spending Linked quarter: -0.9% Year over year: -20.3%
Southeast shipments increased for the first time in three years.
The region is experiencing improved home construction, retail
demand and seaport volume.
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 $680 billion
in assets as of June 30, 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240801975263/en/
Todd Deutsch, U.S. Bank Public Affairs & Communications
todd.deutsch@usbank.com
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