U.S. Bancorp reported that tighter truck capacity pushed freight rates higher in the fourth quarter of 2025, even as shipment volumes remained subdued. According to the latest U.S. Bank Freight Payment Index, national shipment volumes rose 1.5% quarter over quarter, while shipper spending jumped 4.6%, reaching its highest level since early 2024. Year over year, shipments declined 4.9% for the fifteenth consecutive quarter, although this marked the smallest annual drop since mid-2022. In contrast, shipper spending increased 5.2% year over year, the first annual rise in three years, reflecting sustained rate pressure driven by capacity contraction rather than fuel costs. Regional data showed mixed volume trends but broadly higher spending, underscoring continued tightness across the U.S. freight market.

Source: Business Wire