Shipper Freight Spending Jumps 32.1% as Volumes Rise Just 0.5%

U.S. shipper freight spending increased 32.1% year over year in the third quarter, the largest annual gain since 2021, while national shipment volume rose only 0.5%. TheTrucker.com reported October 29 that the latest U.S. Bank Freight Payment Index shows customers paying substantially more to move nearly the same amount of freight. Volumes also edged up 0.4% from the second quarter.

The gap reflects tighter carrier capacity, stronger pricing power and high diesel costs rather than a broad demand surge. The index covers domestic truckload and less-than-truckload transactions and is seasonally and calendar adjusted. Because it uses payment dates, its spending and volume measures should be read as transaction-based market indicators, not a count of every load moved in the United States.

Regional results were uneven. Southeast shipments rose 4.7% from the prior quarter, while the West declined 3.1%. The Northeast posted the strongest annual shipment growth at 2.8%. Spending increased in every region both sequentially and annually, including a 51.6% year-over-year jump in the Southwest. California diesel reached $8.25 per gallon in late September, intensifying western operating pressure.

Carriers should not treat higher industry outlays as automatic margin growth. Separate linehaul revenue from fuel surcharges, compare loaded and empty miles, and track insurance, maintenance and driver costs by lane. Shippers can use the regional data to stress-test transportation budgets and secure capacity where service is difficult, but should avoid assuming every market will tighten equally. Owner-operators need rates that recover actual costs without relying on short-lived fuel spikes. The index points to a capacity-driven pricing environment in which disciplined cost data and realistic contracts matter more than headline shipment growth.