Freight shipments fell at an accelerated pace in August, according to a monthly update from Cass Information Systems.
The company’s multimodal transportation index recorded a 9.3% year-over-year decline in shipments, the largest y/y drop since October 2023. Volumes slid 1.5% from July.
The North American domestic freight dataset showed that less-than-truckload shipments were the primary detractor as truckload and intermodal volumes stepped higher.
Earlier this month, several publicly traded LTL carriers reported tonnage declines as domestic industrial activity remains subdued.
The Wednesday report from Cass said freight shipments captured on the platform will likely decline 7% y/y in September.
| August 2025 | y/y | 2-year | m/m | m/m (SA) |
| Shipments | -9.3% | -11.0% | -1.5% | -1.5% |
| Expenditures | -0.4% | -9.4% | -2.8% | -1.4% |
| TL Linehaul Index | 1.2% | -2.1% | -1.8% | NM |
Cass’ freight expenditures index, which measures total freight spend including fuel, fell 2.8% from July to August (down 1.4% seasonally adjusted). The index was down 0.4% y/y, which was the first y/y decline in five months. On a two-year-stacked comparison, the declines widened to 9.4% (compared to 5.8% last month).
Netting the change in shipments from the change in expenditures shows actual freight rates were up 9.8% y/y (1.2% lower sequentially). The mix shift from LTL to TL drove the increase in average rate.
Cass’ TL linehaul index, which tracks rates excluding fuel and accessorial surcharges, slid 1.8% sequentially but was up 1.2% y/y. August marked an eighth straight y/y increase. The index is expected to see a “small increase” this year.
The report said demand has been weak since the trade war began, keeping the supply side from tightening. But a reduction in day cab orders with the OEMs could be a signal that private fleets are contracting and that lost freight will return to the for-hire market.
“As the economy is likely to absorb the effects of tariffs over the next several months, our freight demand outlook remains cautious,” the report said. “But the silver lining of lower heavy vehicle production and lost manufacturing jobs is that tighter capacity will likely drive freight back to the for-hire market eventually.”
Data used in the indexes comes from freight bills paid by Cass (NASDAQ: CASS), a provider of payment management solutions. Cass processes $36 billion in freight payables annually on behalf of customers.
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