The U.S. Bank Freight Payment Index for the third quarter indicates ongoing declines in freight shipments and spending compared to previous periods. The shipment index value fell 1.9% sequentially and 21.2% annually, although this decline is less severe than in earlier quarters. Regionally, most areas experienced annual decreases, with the Northeast and Southwest seeing significant drops. Freight spending also declined 1.4% sequentially and 21.3% annually. Despite some signs of improvement, experts suggest a slow recovery is ahead due to persistent economic challenges affecting freight volumes.

Source: https://www.logisticsmgmt.com/article/u.s_bank_freight_payment_index_highlights_continued_challenges_for_freight_transportation_market/