Freight payments data released Wednesday showed a sequential uptick in trucking shipments during the second quarter, reversing the declining trend seen in the prior two quarters. Freight spending advanced again in the period as elevated fuel costs continue to push up all-in rates.
A national trucking index published by U.S. Bank (NYSE:USB) showed volumes were up 2.3% from the first quarter with spending up 3.3%. Shipments in the quarter were slightly higher than the historical average "as contract freight outperformed the traditional spot market," the report stated. As the spot market has loosened and rates have fallen, routing guide compliance among carriers has stepped higher, resulting in the index's advance.
