Cass reports TL linehaul rates jump 11.3% YoY as shipments turn positive
Cass Information Systems said its truckload linehaul index rose 11.3% year over year in August while freight shipments increased 2.1% year over year, marking the first rise after 42 months of decline. The expenditures index, which includes fuel, surged 18.7% year over year in August and diesel prices climbed 46% year over year.
The linehaul index was up 70 basis points from July and has posted 20 consecutive year‑over‑year increases, the largest since June 2022. Truckload accounts for over half of the shipments in Cass’ index, with less‑than‑truckload making up about a quarter. Road‑to‑rail conversion has weighed on the trucking‑centric dataset as fuel prices have risen, and Cass noted that if normal seasonal patterns hold through September the index would rise about 1% year over year. Cass processes $37 billion in freight payables annually on behalf of its customers.
August marked the 20th straight month of year‑over‑year gains in the linehaul index, the largest increase since June 2022. The report noted that road‑to‑rail conversion has been dragging on the trucking‑focused data as fuel prices surged. Cass also said that if typical seasonal shipping continues into September, the index would gain roughly 1% year over year.
What we know
Cass’ TL linehaul index, which tracks rates excluding fuel and accessorial surcharges, jumped 11.3% year over year during the month.
Freight shipments recorded by Cass (NASDAQ: CASS) increased 2.1% y/y, which was the first y/y increase after 42 months of declines.
Cass’ expenditures index, which measures total freight spend including fuel, surged 18.7% y/y in August and was up 5.8% from July (plus-6% seasonally adjusted).
Cass processes $37 billion in freight payables annually on behalf of customers.
The positive y/y inflection in shipments drove the dataset higher, along with higher diesel prices (up 46% y/y and 10% sequentially).