The U.S. truck freight market showed signs of recovery in Q2/25, with national shipment volumes rising 2.4% and spending increasing 1.2% from the previous quarter, according to the latest U.S. Bank Freight Payment Index. This marks the first quarter-to-quarter gain in both metrics in three years. All five U.S. regions posted sequential volume gains, led by a 6.7% increase in the Southwest.
“While the national year-over-year metrics remain down, the second quarter’s sequential growth in both shipments and spending are a welcome shift after years of contraction,” Bobby Holland, director of freight business analytics at U.S. Bank, said. “However, with all of the tariff-related volatility potentially impacting trucking activity, it is too soon to say if the market has turned the corner.”
Compared with Q2/24, national shipments were down 9.8% and spending declined 4.9%. However, the year-over-year decrease in shipments was the smallest since Q3/23.
“With unevenness in key freight drivers like manufacturing, housing, and port activity, the quarter-over-quarter gains are encouraging,” Bob Costello, senior vice president and chief economist at the American Trucking Associations, said. “There are signs the industry is beginning to rebalance, even if the road ahead remains bumpy.”
The U.S. Bank Freight Payment Index measures quantitative changes in freight shipments and spend activity based on data from transactions processed through the U.S. Bank Freight Payment platform. U.S. Bank Freight Payment processes an industry-leading $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.
Data
National
Shipments
- Linked quarter: +2.4%
- Year over year: -9.8%
Spending
- Linked quarter: +1.2%
- Year over year: -4.9%
Regional
West
Shipments
- Linked quarter: +1.3%
- Year over year: +1.3%
Spending
- Linked quarter: -0.7%
- Year over year: +2.3%
Freight volumes in the West rose for the second straight quarter, supported by port activity and inventory movements.
Southwest
Shipments
- Linked quarter: +6.7%
- Year over year: -26.0%
Spending
- Linked quarter: -3.6%
- Year over year: +3.6%
The Southwest posted the largest sequential shipment gain among regions, though volumes remain well below year-ago levels.
Midwest
Shipments
- Linked quarter: +2.6%
- Year over year: -9.2%
Spending
- Linked quarter: +2.2%
- Year over year: -7.9%
Freight activity in the Midwest improved sequentially, the largest quarter-over-quarter increase in three years. The region had solid home construction but flat-to-down consumer spending.
Northeast
Shipments
- Linked quarter: +3.3%
- Year over year: +2.7%
Spending
- Linked quarter: +1.3%
- Year over year: +3.7%
The Northeast, which has experienced some of the largest volume declines in recent years, led all regions in year-over-year shipment and spending growth, driven by housing starts and auto sales.
Southeast
Shipments
- Linked quarter: +0.1%
- Year over year: -10.8%
Spending
- Linked quarter: +3.8%
- Year over year: -12.9%
The slight sequential increase in volume was just the second increase since Q3/21. Freight in the area was impacted by soft manufacturing and consumer activity.
