TECH - April Cass Data Shows No Improvement in Freight Demand | Benzinga
The shipments component of the Cass Freight Index fell again in the month, down 1.6% seasonally adjusted from March and 4% lower year over year (y/y). The Tuesday data showed volumes were hovering around the late 2023-January 2024 cycle trough. The April reading was the lowest since January, which is typically the slowest part of the year and weaker than normal this year due to severe winter storms.
A later Lunar New Year and the Baltimore bridge collapse were cited as detractors to demand during the month. The report also said additions to private fleets are negatively impacting results at the for-hire fleets.
"Private fleets are now more actively competing for spot freight to fill empty backhauls, lengthening below-trend for-hire demand levels" the report said.
The y/y comparisons for the shipments index get easier in the coming months. The forecast is for the data set to decline 3% y/y in ...