It remains a very soft market for US freight carriers.

That is evidenced in part by the Cass Freight Index, which measures the strength of the US market as a composite of several measures, based on the billions of dollars of refight bill Cass Information Systems pays for its customers.

As seen in the graphic below, after peaking in mid-2022, it has been mostly down for freight carriers, with the index falling from about 1.27 to 1.08 in the just released June number. That means the index is up only 8% versus the baseline month of January 1990.

Source: Wall Street Journal

Oddly, the freight market seems weaker than the overall US economy.

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