U.S. Bank Index: Truck freight market ends 2023 with double-digit drops in volume, spending

MINNEAPOLIS--(BUSINESS WIRE)--The U.S. truck freight market ended 2023 with further declines in both shipment volume and spending, according to the latest U.S. Bank Freight Payment Index. Compared to the same period in 2022, fourth quarter shipment volume was down 15.7% while spending by shippers contracted 13.5%. The year-over-year drop in volume was the largest in the history of the Index. “ The truck freight market is feeling the impacts of companies reducing inventories significantly as well as consume ...