March shipments were down 2.3% seasonally adjusted from February and 3.6% from the same month last year. Without the seasonal adjustment, March volumes were down 0.2% sequentially. However, February did include one extra day this year.
The shipments index now sits 7.5% below the March 2022 level.
Shipments captured by the index, which is trucking-centric, increased approximately 2% seasonally adjusted from the fourth to the first quarter.
The Monday report pushed back the expectation for a positive volume inflection by one month. The index is expected to decline 2% to 3% y/y in April, turning positive by June.
March 2024 | y/y | 2-year | m/m | m/m (SA) |
Shipments | -3.6% | -7.5% | -0.2% | -2.3% |
Expenditures | -18.5% | -28.3% | 0.1% | -1.3% |
TL Linehaul Index | -4.7% | -13.8% | 0.2% | NM |
Table: Cass Information Systems (SA ...