MINNEAPOLIS (August 5, 2025) – The U.S. truck freight market showed signs of recovery in the second quarter of 2025, 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.\n\n\"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,\" said Bobby Holland, U.S. Bank director of freight business analytics. \"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.\"\n\nCompared with the second quarter of 2024, national shipments were down 9.8% and spending declined 4.9%. However, the year-over-year decrease in shipments was the smallest since Q3 2023.\n\n\"With unevenness in key freight drivers like manufacturing, housing, and port activity, the quarter-over-quarter gains are encouraging,\" said Bob Costello, senior vice president and chief economist at the American Trucking Associations. \"There are signs the industry is beginning to rebalance, even if the road ahead remains bumpy.\"\n\nThe 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.\n\nHere are highlights from the national and regional data.\n\nNational\n\nShipments\nLinked quarter: +2.4%\nYear over year: -9.8%\n\nSpending\nLinked quarter: +1.2%\nYear over year: -4.9%\n\nWest\n\nShipments\nLinked quarter: +1.3%\nYear over year: +1.3%\n\nSpending\nLinked quarter: -0.7%\nYear over year: +2.3%\n\nFreight volumes in the West rose for the second straight quarter, supported by port activity and inventory movements.\n\nSouthwest\n\nShipments\nLinked quarter: +6.7%\nYear over year: -26.0%\n\nSpending\nLinked quarter: -3.6%\nYear over year: +3.6%\n\nThe Southwest posted the largest sequential shipment gain among regions, though volumes remain well below year-ago levels.\n\nMidwest\n\nShipments\nLinked quarter: +2.6%\nYear over year: -9.2%\n\nSpending\nLinked quarter: +2.2%\nYear over year: -7.9%\n\nFreight 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.\n\nNortheast\n\nShipments\nLinked quarter: +3.3%\nYear over year: +2.7%\n\nSpending\nLinked quarter: +1.3%\nYear over year: +3.7%\n\nThe 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.\n\nSoutheast\n\nShipments\nLinked quarter: +0.1%\nYear over year: -10.8%\n\nSpending\nLinked quarter: +3.8%\nYear over year: -12.9%\n\nThe slight sequential increase in volume was just the second increase since the third quarter of 2021. Freight in the area was impacted by soft manufacturing and consumer activity.\n\nTo see the full report including in-depth regional data, visit the . 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 and payments provider. 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 Index source data is based on the actual transaction payment date and contains volume from domestic freight modes (truckload and less-than-truckload) and is both seasonally and calendar adjusted.

U.S. Bank: Truck Freight Volume Rises Across all Regions in Q2

U.S. Bank reported a recovery in the U.S. truck freight market during the second quarter of 2025, with national shipment volumes increasing 2.4% sequentially and spending up 1.2% compared to the previous quarter—the first such gains in three years. All five U.S. regions showed sequential growth in freight volume, with the Southwest leading at a 6.7% increase. While year-over-year shipment volumes remained down by 9.8%, this was the smallest decline since Q3 2023. The Northeast led in year-over-year growth, with shipments up 2.7% and spending up 3.7%, driven by housing starts and auto sales. Regional performance varied, with the West showing modest gains, the Midwest seeing its largest quarter-over-quarter increase in three years, and the Southeast experiencing a slight sequential rise despite ongoing challenges in manufacturing and consumer activity. The U.S. Bank Freight Payment Index, which tracks freight shipment and spending data from transactions processed through the U.S. Bank Freight Payment platform, provides insights to help shippers and carriers make business decisions.