The truck freight market closed out 2024 with further declines in shipments and spending, according to the latest U.S. Bank Freight Payment Index. Fourth quarter shipment volume was down 4.7% compared to the prior quarter while spending dropped 2.2%.
“It’s clear there are both cyclical and structural challenges remaining as we look for a truck freight market reboot,” said Bob Costello, senior vice president and chief economist at the American Trucking Associations. “For instance, factory output softness – which has a disproportionate impact on truck freight volumes – is currently weighing heavily on our industry.”
Fourth-quarter shipment volume was low across all regions. Hurricanes impacted freight activity in the Southeast, where shipments dropped 6.7%, the most of all regions. The Northeast had the smallest decline at 1.2% with the West just behind with a contraction of 2.1%. For spending, three regions avoided contractions, with Northeast spend up 0.9%, the West up 0.1% and the Southwest flat (0.0%).
“While this quarter’s Index revealed spending overall on truck freight continues to decline, we did see some signs that spending per truck is increasing,” said Bobby Holland, U.S. Bank director of freight business analytics. “Shipments falling more than spending – even with lower fuel surcharges – suggests tighter capacity.”
The U.S. Bank Freight Payment Index measures quantitative changes in freight shipments and spend activity based on data from transactions processed through U.S. Bank Freight Payment, which processes more than $43 billion in freight payments annually for shippers and carriers across the U.S. The index insights are provided to U.S. Bank customers to help them make business decisions and discover new opportunities.
Thermo King launches TracKing Smart Trailer Telematics
Thermo King, a provider of sustainable transport temperature control solutions and a strategic brand of global climate innovator Trane Technologies , announced recently the expansion of its telematics offering with the launch of TracKing Smart Trailer telematics, delivering comprehensive visibility into trailer health and cargo operations. This new platform complements the business’s existing TracKing Pro telematics, providing fleet operators with a robust platform for managing the complete trailer, cargo and reefer.
Fleet managers today face a variety of challenges, from regulatory pressures to rising fuel costs. The TracKing Smart Trailer telematics system directly addresses these issues by offering actionable insights that can boost operational efficiency and help fleets remain compliant with modern regulations.
With TracKing Smart Trailer telematics, fleet managers and drivers gain real-time, 360-degree visibility of critical trailer components like tire pressure, brake health, door position, lights and axle weight, which can enable smarter decision-making, reduce road risks and increase uptime through proactive maintenance.
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