Freight activity softened again in June, but transportation costs continued to rise as truckload rates and fuel surcharges pushed overall freight expenditures higher, according to the latest monthly report from Cass Information Systems.
The Cass Freight Index showed that its multimodal shipments component declined 4.1% year over year in June, marking a sharper drop than the 1.2% decrease recorded in May. Compared with the previous month, shipments fell 3.1%, or 2.9% on a seasonally adjusted basis, highlighting continued weakness across the freight market.
June 2026 Year over year Two-year comparison Month over month Month over month (SA)
Shipments -4.1% -6.4% -3.1% -2.9%
Expenditures +11.2% +14.1% +2.2% +1.2%
TL Linehaul Index +5.5% +7.6% -0.9% NM
Because the Cass dataset is heavily focused on trucking, its results contrasted with the stronger demand trends recently reported by J.B. Hunt Transport Services, which pointed to growing activity in its intermodal operations.
According to the report, freight volumes remain under pressure partly because trucking capacity continues to shrink. While domestic intermodal has experienced double-digit growth, Cass noted that the segment is still too small to significantly influence a trucking-focused index. The company also pointed to elevated fuel prices as another factor weighing on overall goods demand.
Earlier this year, Cass had projected freight volumes would increase 1.8% year over year during the second half of 2026, assuming seasonal trends followed their normal pattern. However, the June report no longer included a formal outlook.
Cass believes the anticipated recovery in freight demand has been delayed by a temporary resurgence in inflation and the impact of the exceptionally low U.S. household savings rate. Even so, the report remains cautiously optimistic, noting that rapidly falling fuel prices, lean inventories, lower tariffs and a weaker U.S. dollar could support stronger freight demand later this year. Until then, tightening transportation capacity continues to be the primary factor driving freight rates higher.
This tightening environment also is reflected in SONAR’s market data. The Outbound Tender Rejection Index (OTRI), which measures the percentage of freight loads rejected by carriers and is a proxy for truck capacity, shows the truckload market is still tight.
The Cass Expenditures Index, which tracks total freight spending, including fuel, rose 11.2% in June year over year. The jump was fueled by both stronger freight rates and a 40% year-over-year increase in retail diesel fuel prices.
The Cass Truckload Linehaul Index, which excludes fuel and accessorial charges, rose 5.5% compared with June 2025. The index, which includes spot market activity but is primarily weighted toward contract rates, has now posted year-over-year gains for 18 consecutive months. On a two-year stacked basis, the index was up 7.6%.
Although the linehaul index slipped 0.9% from May, Cass considers the decline temporary. The report noted that many new shipper contract bids took effect on July 1, suggesting truckload pricing could resume its upward trajectory in the coming months.
Additional SONAR indicators reinforce that view. The National Truckload Index (NTIL), which tracks booked dry van spot rates excluding fuel, continues to show rates well above last year’s levels throughout July. Likewise, the Van Contract Rate Per Mile Index (VCRPM1), which measures contract dry van rates excluding fuel and accessorial charges, points to sustained strength in contract pricing.
The Cass indexes are built using freight payment data managed by Cass Information Systems, which processes approximately $37 billion in freight payables each year on behalf of its customers.
