Freight shipments rose for a second consecutive month in September, while transportation spending and truckload rates continued to climb, according to the latest Cass Transportation Index report.
The Cass Freight Index shipment component increased 1.9% year over year and 2.3% from August, marking the second consecutive annual gain following a record 42-month downturn. On a seasonally adjusted basis, shipments rose 1.4% month over month, building on a 5% increase in August.
The September results suggest freight demand may be recovering, although it remains too early to determine whether the improvement will develop into a sustained trend, according to the report, published by Cass Information Systems.
Modest growth in retail and industrial activity, inventory restocking and a surge in container imports are helping support demand. A smaller private fleet and rising new equipment sales are also contributing to higher volumes for for-hire carriers.
Freight spending and rates climb
The Cass Freight Index expenditure component, which measures total freight transportation spending, rose 20.4% year over year in September, accelerating from a 19% increase in August. Spending increased 6.7% month over month, or 4% on a seasonally adjusted basis.
Higher shipment volumes, transportation rates and fuel surcharges contributed to the increase. Following declines in 2023, 2024 and 2025, the expenditure index is on pace to increase 12% in 2026, according to the report.
Truckload rates also continued to rise. The Cass Truckload Linehaul Index reached 154.8 in September, up 10.1% year over year and 0.6% from August.
The index tracks rates across the for-hire truckload market, including spot and contract pricing. September's monthly increase was below the 0.9% average monthly gain recorded year to date, reflecting some pullback in spot rates and slower contract-rate activity.
Despite the more moderate monthly increase, contract rates continue to adjust upward, according to the report. The truckload linehaul index is on pace to increase 7% in 2026, following a 1.8% gain in 2025.
Intermodal volumes expected to set records
The report also points to continued strength in intermodal freight, which combines multiple modes of transportation, such as rail and truck.
ACT Research estimates North American intermodal volumes will reach 19.3 million loads in 2026, surpassing the previous record of 18.9 million set in 2018. The firm expects volumes to establish another record in 2027, supported in part by an above-average cost advantage for intermodal transportation.
Railroad capacity will be a key factor in meeting the expected increase in demand. Industry executives have indicated that capacity is available to accommodate higher volumes, with additional chassis being positioned to support shipments in the coming months.
While the latest figures point to improving freight activity, the report cautions that rising oil prices and interest rates remain potential constraints.