Cass Freight Rates Surge 11% as Shipments Return to Growth
Cass: Truckload rates jump 11% in August as freight shipments turn positive
Truckload linehaul rates rose sharply in August, while freight shipment volumes posted their first year-over-year increase in three and a half years, according to data from Cass Information Systems.
Cass’ Truckload Linehaul Index increased 11.3% year over year in August, marking the index’s 20th consecutive monthly increase. It was also the largest year-over-year gain since June 2022. The index rose 0.7% from July, or 70 basis points.
The measure excludes fuel and accessorial surcharges. Although it includes both spot and contract freight, it has historically been weighted more heavily toward contract rates. Cass said the August increase was consistent with conditions in the spot market, even as spot rates have recently shown modest sequential declines.
“Even as spot rates slow with modest sequential declines, the much larger contract market is adjusting higher,” Cass said in its report.
For drivers and fleets, the distinction between the two markets is important. Spot rates can respond quickly to changes in available loads and truck capacity, while contract rates typically adjust more slowly as annual or periodic shipper-carrier agreements are renewed. The August data indicate that higher contract pricing continued to work through the market even without a broad surge in spot rates.
Shipment volumes break a long decline
Cass’ shipments index increased 2.1% from August 2025, ending a streak of 42 consecutive months of year-over-year declines. Shipments also rose 5.6% from July, or 5% on a seasonally adjusted basis.
The shipments index covers domestic freight across transportation modes. Truckload shipments account for more than half of the activity captured by the index, while less-than-truckload freight represents approximately 25%. A shift of some freight from road to rail has weighed on the trucking-focused data in recent months.
If normal seasonal shipping patterns continue into September, Cass expects the shipments index to remain positive, with year-over-year growth of approximately 1%.
The improvement is a notable change for trucking after a prolonged period of weak freight demand. However, the data do not indicate that the market has returned to the stronger volumes seen during the pandemic-era freight cycle. Shipments remained 7.4% below August 2024 levels on a two-year comparison.
Fuel prices lift total spending
Cass’ expenditures index, which includes freight spending along with fuel and accessorial charges, increased 18.7% year over year in August. Spending rose 5.8% from July, or 6% on a seasonally adjusted basis.
Higher shipment volumes contributed to the increase, but fuel was also a significant factor. Diesel prices were up 46% from a year earlier and 10% from July, according to the data included in the report.
Because the expenditures measure includes fuel, it should not be read as a direct measure of carrier linehaul revenue. The Truckload Linehaul Index provides a clearer view of the underlying freight rate by excluding fuel and accessorial costs. That distinction matters to fleets as they evaluate revenue, fuel expense and the effect of contract-rate changes on operating margins.
Cass’ indexes are based on freight invoices paid through its freight-payment operations on behalf of customers. The data therefore reflect completed transactions rather than rate quotes or surveys. The company processes freight payments for a broad group of shippers and transportation customers.
Demand outlook remains cautious
Despite the positive August results, Cass described the outlook for freight demand as measured. The report cited elevated risks to consumer spending and called for tepid demand moving forward.
At the same time, Cass said the bottom of the freight cycle may have passed. The company pointed to strong economic growth despite a soft labor market, the possibility of inventory restocking, rising ocean volumes and tariff refunds as factors that could support modest freight growth.
For professional drivers, the August figures suggest a market with improving pricing but only an early recovery in freight activity. Higher contract rates can improve revenue opportunities for carriers, but the benefit depends on the freight available, the lanes being served and the cost of fuel and other operating inputs.
The report also linked the continued increase in truckload rates to tighter available capacity, including the effects of stricter regulatory enforcement on noncompliant equipment and operators. The data do not show an immediate return to peak freight conditions, but they do point to a market that is no longer deteriorating at the same pace as earlier in the cycle.
