Cass Freight Index Slumps 4.9%
The Cass Freight Index, based primarily on trucking shipments, showed a 4.9% year-over-year drop last month that reflects the ongoing economic slowdown.
The report from the freight bill processing unit of a St. Louis bank showed a 0.6% increase compared with March. In addition to trucking, the index includes rail, air and barge freight. The month-to-month improvement trailed the average 1% sequential improvement pace over the last five years.
“North American freight shipments continued to rise in April, although at a much lower rate than earlier in the year,” said the report written by Rosalyn Wilson, who heads the consulting firm Freight Matters.
“This slowdown mirrors the slowdown in the economy. Expenditures for freight were up marginally. The number of new jobs created fell in April as the unemployment rate hit a one-year high,” Wilson said.
The index of freight spending was 8.3% lower year-over-year and rose slightly compared with March.
