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

Core Insights - The U.S. truck freight market experienced significant declines in both shipment volume and spending in Q4 2023, with a year-over-year shipment volume drop of 15.7% and spending contraction of 13.5%, marking the largest volume drop in the history of the U.S. Bank Freight Payment Index [1][2] National Data - Shipment volume decreased by 10.9% quarter-over-quarter and 15.7% year-over-year [2] - Spending by shippers fell by 1.4% quarter-over-quarter and 13.5% year-over-year [3] Regional Data West - Shipments: Linked quarter down 2.9%, year-over-year down 16.3% - Spending: Linked quarter up 0.2%, year-over-year down 7.4% [3] Southwest - Shipments: Linked quarter down 18.2%, year-over-year down 15.9% - Spending: Linked quarter down 2.7%, year-over-year down 10.4% [3] Midwest - Shipments: Linked quarter down 8.6%, year-over-year down 8.9% - Spending: Linked quarter up 1.2%, year-over-year down 17.0% [4][5] Northeast - Shipments: Linked quarter down 9.4%, year-over-year down 23.8% - Spending: Linked quarter down 2.5%, year-over-year down 12.5% [5] Southeast - Shipments: Linked quarter down 14.5%, year-over-year down 25.4% - Spending: Linked quarter down 4.1%, year-over-year down 11.4% [5]