During the third quarter, the amount spent to ship goods via truck freight was down 12.5% compared to a year prior while the volume of shipments was off 9.7%, according to the U.S. Bank Freight Payment Index. Spending fell 4.2% and shipments declined 3.4% from the second quarter to the third quarter of 2023. This marks the fifth consecutive quarter that both truck freight spending and volume have declined.
“This quarter’s Freight Payment Index results confirm that we are in a very challenging environment for motor carriers,” said Bob Costello, senior vice president and chief economist at the American Trucking Associations. Costello pointed to a variety of factors that are impacting the truck freight economy, including retailer inventory reduction, decreased homebuilding and consumers preferring to spend on experiences over goods.
