Despite Slowly Growing Freight Volumes, Truckload Rates Remain Stagnant
U.S. truck and rail freight volumes seem to be slowly increasing, as indicated by a 1% rise in the Cass Freight Shipments Index in August, following a 3% increase in July. Despite these gains, truckload rates have not seen substantial increases, as the Cass Truckload Linehaul Index dropped 0.6% in August, marking four consecutive months of decline.
Retail sales also saw a year-over-year increase of 2% in August, with e-commerce rising by 7.8%, but the overall retail price index fell slightly, the JOC reported on. Consumer price inflation reached a three-year low of 2.5% in August, yet these positive retail trends have not translated into higher truckload pricing.
With a potential East/Gulf Coast strike getting closer, truckload rates on the West Coast could see a boost. Our market update section has more insights on that labor uncertainty.
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