U.S. truck freight market experiences record 15.7% volume drop and 13.5% spending decrease in Q4 2023, according to U.S. Bank's Freight Payment Index.

The U.S. truck freight market ended 2023 with significant decreases in both shipment volume and spending, as reported by the U.S. Bank Freight Payment Index. Compared to 2022, fourth quarter shipment volume saw a 15.7% decline, while spending by shippers contracted by 13.5%. This marks the largest drop in volume in the history of the Index. The truck freight market is feeling the impact of companies reducing their inventories significantly and consumers continuing to spend moderately.

January 31, 2024
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