U.S. freight spending jumps 32.1% year over year, U.S. Bank index shows
USB•U.S. shipper spending rose 32.1% year over year in the third quarter, the largest annual increase since 2021, while shipment volumes edged up 0.4%. Tighter carrier capacity, stronger pricing power and diesel prices above $6.50 per gallon drove costs higher.
1. Spending and volumes
U.S. shipper spending increased 32.1% year over year in the third quarter and 5.2% from the prior quarter. Shipment volumes rose 0.4% quarter over quarter, while annual shipment growth was 0.5%.
2. Regional cost increases
Tighter carrier capacity, stronger pricing power and national diesel prices above $6.50 per gallon drove cost increases. Southwest spending rose 51.6% year over year, the largest regional increase, as enforcement actions reduced driver availability.
