U.S. Bank Index: Truck freight market ends 2023 with double-digit drops in volume, spending
2024年2月1日 - 9:00PM
ビジネスワイヤ(英語)
Fourth quarter shipments down 15.7% compared
to same period a year earlier, while spending by shippers dropped
13.5%
The U.S. truck freight market ended 2023 with further declines
in both shipment volume and spending, according to the latest U.S.
Bank Freight Payment Index. Compared to the same period in 2022,
fourth quarter shipment volume was down 15.7% while spending by
shippers contracted 13.5%. The year-over-year drop in volume was
the largest in the history of the Index.
“The truck freight market is feeling the impacts of companies
reducing inventories significantly as well as consumers continuing
to spend more on experiences over goods,” said Bob Costello, senior
vice president and chief economist at the American Trucking
Associations. “We’ll watch carefully in coming quarters if
companies complete their inventory reduction efforts and begin to
restock, which would help boost trucking.”
All regions in the fourth quarter felt the slowdown in volume
versus the same quarter in 2022, but it was most acute in the
Southeast (-25.4%) and Northeast (-23.8%). Spending also dropped in
all regions year over year, with the most significant in the
Midwest (-17%).
“Throughout 2023, our Index has consistently revealed
significant declines in spending by shippers. While spending
dropped again in the fourth quarter, we are seeing indications that
might suggest trucking supply is coming into balance with demand,”
said Bobby Holland, director of freight business analytics, U.S.
Bank.
National Data Shipments Linked quarter: -10.9% Year over
year: -15.7%
Spending Linked quarter: -1.4% Year over year: -13.5%
Regional Data West Shipments Linked quarter: -2.9%
Year over year: -16.3%
Spending Linked quarter: 0.2% Year over year: -7.4%
The West was one of two regions to see an increase in spending
on a quarter-over-quarter basis, though spending by shippers was
still down -7.4% compared to a year earlier. Improved West Coast
import volumes may have helped the region’s shipment volumes, which
were still down, but less so than most other regions.
Southwest Shipments Linked quarter: -18.2% Year over
year: -15.9%
Spending Third quarter: -2.7% Year over year: -10.4%
After slowing in the third quarter, the Southwest truck freight
market contracted significantly in the fourth quarter. The region,
which was the best for truck freight in 2022 and the first half of
2023, experienced slower retail and home sales in the first half of
the fourth quarter, which weighed on truck freight volumes.
Midwest Shipments Linked quarter: -8.6% Year over year:
-8.9%
Spending Linked quarter: 1.2% Year over year: -17.0%
Midwest shipment volumes contracted the least among all regions
compared to the fourth quarter 2022. Soft manufacturing, consumer
spending and housing activity in the region have likely contributed
to depressed freight volumes, which have persisted for the last few
years.
Northeast Shipments Linked quarter: -9.4% Year over year:
-23.8%
Spending Linked quarter: -2.5% Year over year: -12.5%
The Northeast was one of the most challenged truck freight
markets in 2023. Headwinds for the market include consumer spending
moderation and manufacturing activity softening.
Southeast Shipments Linked quarter: -14.5% Year over
year: -25.4%
Spending Linked quarter: -4.1% Year over year: -11.4%
The Southeast had the largest year-over-year drop in volume
among all regions. The region has had consistent volume
contractions – as well as spending declines – in recent
quarters.
To see the full report including in-depth regional data, visit
the U.S. Bank Freight Payment Index website. For more than 25
years, organizations have turned to U.S. Bank Freight Payment for
the service, reliability, and security of a full-service, federally
regulated financial institution. 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240201773777/en/
Todd Deutsch, U.S. Bank Public Affairs & Communications
todd.deutsch@usbank.com | 612.303.4148
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