U.S. Bank Freight Payment Index shows shipper spending up 28.1% as trucking capacity tightens

U.S. Bancorp’s Freight Payment Index showed shippers paid more in Q2 2026 as trucking capacity tightened despite softer freight demand.

• National shipment volumes fell 1.1% quarter-on-quarter, down 2.8% year-on-year.
• Shipper spending rose 6.4% quarter-on-quarter, up 28.1% year-on-year, with fuel not the main driver.
• Regional volumes were mixed, led by the Southeast up 0.9% quarter-on-quarter; the Midwest posted the steepest decline at -3.7%.
• Spending increased in all regions except the Midwest; the Southwest showed the widest gap with shipments -20.2% year-on-year, spending up 39.9%.