Cass Truckload Linehaul Rates Rise 2.2% Y/Y to 3-Year High
Cass Information Systems’ multimodal shipments index declined 7.2% year-over-year in February but rose 10.4% month-over-month and 4.3% on a seasonally adjusted basis. Its expenditures index climbed 2.1% y/y and 5.1% m/m, while the TL linehaul rate index hit its highest level since April 2023, up 2.2% y/y and 0.2% m/m.
1. February Shipments and Expenditures Performance
Cass’ multimodal shipments index declined 7.2% year-over-year in February but increased 10.4% month-over-month and rose 4.3% on a seasonally adjusted basis. Its expenditures index, tracking total freight spend including fuel, climbed 2.1% y/y and 5.1% m/m, while the two-year stacked decline narrowed to 2.5%, the smallest since July 2023.
2. Truckload Linehaul Rate Trends
The TL linehaul index, which excludes fuel and accessorial surcharges, rose 2.2% year-over-year and 0.2% month-over-month to its highest level since April 2023. Combined spot and contract rates have climbed for six straight months, implying high-single-digit y/y rate hikes and reflecting a supply-driven recovery.
3. Capacity Constraints and Outlook
Tighter capacity—driven by non-domiciled CDL restrictions, ELD provider crackdowns, driver school closures and severe winter weather—has supported rising rates despite soft freight demand. Energy price headwinds from the Middle East conflict could further pressure volumes, while carriers anticipate more pronounced rate increases later this year.