Shippers paid significantly more to move freight in the second quarter of 2026, even as shipment volumes declined, according to the latest U.S. Bank Freight Payment Index.
National shipment volumes fell 1.1% from the first quarter, marking the second consecutive sequential decline. Compared with a year earlier, shipments were down 2.8%. At the same time, spending increased 6.4% from the prior quarter and 28.1% year over year, reflecting a market in which freight demand remains soft but available capacity has tightened.
“While higher fuel prices added to transportation costs in the second quarter, fuel was not the primary force behind the increase in shipper spending,” Bob Costello, senior vice president and chief economist at the American Trucking Associations, said. “The more important trend is that trucking capacity continues to tighten after several years of excess supply. As available capacity becomes scarcer, rates are moving higher, leaving shippers with higher costs despite a freight market that remains relatively soft.”
Regional Freight Activity Varies, But Spending Rises Broadly
Regional shipment activity was mixed in the second quarter. The Southeast posted the largest quarter-over-quarter gain at 0.9%, while the West increased 0.5% and the Northeast was flat. The Midwest recorded the largest sequential decline, with volumes down 3.7%, and the Southwest declined 0.6%.
Spending trends were more consistent across the country. Shipper spending increased sequentially in every region except the Midwest, led by a 12% increase in the West, an 11.2% increase in the Southwest and a 10% increase in the Southeast. Year over year, all five regions posted substantial spending increases, ranging from 22.9% in the Midwest to nearly 40% in the Southwest.
“The Southwest continued to stand out this quarter,” Bobby Holland, director of freight business analytics at U.S. Bank, said. “The gap between declining shipments and rising spending was more pronounced there than anywhere else in the country. It’s a signal that capacity conditions can have a significant impact on freight costs even when underlying demand isn’t growing.”
| Shipments Q/Q |
Shipments Y/Y | Spending Q/Q | Spending Y/Y |
|
| National | -1.1% | -2.8% | 6.4% | 28.1% |
| West | 0.5% | 5.5% | 12.0% | 35.9% |
| Southwest | -0.6% | -20.2% | 11.2% | 39.9% |
| Midwest | -3.7% | 2.8% | -0.8% | 22.9% |
| Northeast | 0.0% | 2.0% | 5.0% | 26.5% |
| Southeast | 0.9% | -6.5% | 10.0% | 23.7% |
