Q3 U.S. Bank Freight Payment Index Stays Relatively Flat Versus Q2, Year-over-year Spend Data Sees Robust Rise
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U.S. Bank Freight Payment Index - Q3 2019 (Graphic:
- Compared to a solid second quarter, the U.S. Bank National Shipment and Spend Indexes were mostly flat during Q3.
- Retail sales accelerated from the second quarter, helping support shipments from July through September.
Regional data provide context for the growth and economic factors affecting the industry.
- Midwest: with factory output contracting and agricultural exports negatively impacted by trade war headwinds, overall performance was the weakest of the five regions.
- Northeast: driven primarily by solid consumer spending and new home construction, it’s the only region to post year-to-date volume increases in all three quarters of 2019.
- Southeast: Hurricane Dorian helped spur the shipment index up 3.9% as goods flowed in for recovery efforts, triggering the first year-over-year increase in four quarters.
Southwest: saw mixed results again, especially in shipments; the spend index, while flat in Q3, remains at all-time high levels.
- West: was one of just two regions to post sequential and year-over-year gains in shipments, while a 4.6% spending jump in Q3 helped offset the combined 6.4% drop from Q1 and Q2.
"The third quarter U.S. Bank Freight Payment Index aligns with much of the other data we’ve seen,” said
“The significant rise in the freight spend volume compared to the third quarter of 2018 is good news leading into the 2019 holiday season,” said
To see the full report including in-depth regional data, visit the U.S. Bank Freight Payment Index website.
Leslie Ingberg, U.S. Bank Public Affairs & Communications