Freight Market Shows Signs of Recovery in November
The latest data from Cass Information Systems indicates a positive shift in the freight industry for November, as both shipments and expenditures exhibited sequential improvements. According to a detailed report, the year-over-year (y/y) declines have begun to narrow, showcasing the smallest deduction in almost two years.
The Cass Freight Index showed that shipment volumes increased by 0.5% from October, marking a more significant improvement of 2.8% when seasonally adjusted. Despite being down 0.7% y/y, this decline represents the smallest seen in 21 months. This shift is attributed to "ongoing economic growth and slowing private fleet capacity additions," as per the report.
Looking at the two-year comparison, however, shipment volumes still face a challenging recovery, being down 9.6%. With predictions suggesting a 3% y/y decline in December based on seasonal trends, the index may conclude the year with a 4% y/y decrease, following a 5.5% fall in the previous year.
Furthermore, private fleet expansion continues to pose challenges to the for-hire sector, remaining a headwind as fleets expand in anticipation of new EPA emissions standards. Interestingly, private fleets are adding capacity despite facing higher costs, partly due to anticipated equipment cost increases in 2027.
The expenditures index, capturing total freight spend inclusive of fuel costs, showed a 0.9% sequential increase (3.1% seasonally adjusted) but decreased 3.8% y/y, marking the smallest drop over 22 months. Two-year comparisons show a staggering 28.4% decline, influenced by significantly lower fuel prices, which were 33% less in November 2024 compared to November 2022.
However, inferred rates were down 3.1% y/y for the month, with overall expenditures expected to fall 11% y/y for 2024. Inferred rates are projected to end the year 7% to 8% lower but may experience a slight increase in Q1 2025.
The Truckload Linehaul Index, excluding fuel and surcharges, rose for three consecutive months, up 0.8% in November. Its 1.1% y/y decline was also the smallest in nearly two years, with an uptick in both spot and contract freight rates as seasonal bidding activity increased.
The Cass platform, from which this data is sourced, processes $38 billion in freight payables annually, providing a comprehensive view of the freight payment management landscape.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
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2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- CONSUMPTION BY COUNTRY
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
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This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
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5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
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- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
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- TOP CONSUMING MARKETS
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7. GLOBAL PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
- PRODUCTION BY COUNTRY
8. GLOBAL IMPORTS
The Largest Importers on The Market and How They Succeed
- IMPORTS FROM 2012–2024
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. GLOBAL EXPORTS
The Largest Exporters on The Market and How They Succeed
- EXPORTS FROM 2012–2024
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
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11. COUNTRY PROFILES
The Largest Markets And Their Profiles
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- China
- Japan
- Germany
- United Kingdom
- France
- Brazil
- Italy
- Russian Federation
- India
- Canada
- Australia
- Republic of Korea
- Spain
- Mexico
- Indonesia
- Netherlands
- Turkey
- Saudi Arabia
- Switzerland
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- Nigeria
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- Argentina
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LIST OF TABLES
- Key Findings In 2024
- Market Volume, In Physical Terms, 2012–2024
- Market Value, 2012–2024
- Per Capita Consumption, By Country, 2018–2024
- Production, In Physical Terms, By Country, 2012–2024
- Imports, In Physical Terms, By Country, 2012–2024
- Imports, In Value Terms, By Country, 2012–2024
- Import Prices, By Country Of Destination, 2012–2024
- Exports, In Physical Terms, By Country, 2012–2024
- Exports, In Value Terms, By Country, 2012–2024
- Export Prices, By Country Of Origin, 2012–2024
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2024
- Market Value, 2012–2024
- Consumption, By Country, 2024
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2024
- Production, In Value Terms, 2012–2024
- Production, By Country, 2024
- Production, In Physical Terms, By Country, 2012–2024
- Imports, In Physical Terms, 2012–2024
- Imports, In Value Terms, 2012–2024
- Imports, In Physical Terms, By Country, 2024
- Imports, In Physical Terms, By Country, 2012–2024
- Imports, In Value Terms, By Country, 2012–2024
- Import Prices, By Country, 2012–2024
- Exports, In Physical Terms, 2012–2024
- Exports, In Value Terms, 2012–2024
- Exports, In Physical Terms, By Country, 2024
- Exports, In Physical Terms, By Country, 2012–2024
- Exports, In Value Terms, By Country, 2012–2024
- Export Prices, 2012–2024