Cass Freight Index Falls 4.8% YoY, Matching 2020 Low
The Cass Freight Index dropped 4.8% year-over-year in July to 0.96, tying its lowest level since the 2020 pandemic and extending the longest monthly decline streak on record.
The North American freight demand gauge fell to 0.96 in July, down 4.8% from a year earlier. That matches the weakest reading since the 2020 pandemic and marks the 42nd consecutive monthly year-over-year decline, the longest streak on record.
Since the streak began, shipments have dropped 20%, with annual declines of 7.0% in 2023, 5.8% in 2024, and 7.5% in 2025. On a month-over-month basis, July was the third straight decline, reversing a brief rebound earlier this year.
The report attributes the softness to higher fuel prices and a renewed driver shortage that is reducing available trucking capacity and weighing on shipment volumes. The US freight market continues to weaken.
Source: The Kobeissi Letter