US Truck Freight Market Grows in Q2 2025
According to the latest U.S. Bank Freight Payment Index, the national truck freight market grew in the second quarter of 2025, with both shipment and spend volumes increasing for the first time since the second quarter of 2022. The U.S. Bank National Shipments Index rose 2.4% from the first quarter, while the National Spend Index increased 1.2%.
Read also: Freight Activity in 2025: How Tariffs Disrupted Shipping Patterns
Although the quarterly data shows improvement, year-over-year comparisons still indicate a contraction, with shipments down 9.8% and spending down 4.9% compared to Q2 2024. However, these figures represent the smallest year-over-year declines since the first quarter of 2023, suggesting early signs of market stabilization. Data from the IndexBox platform corroborates this trend of incremental recovery following a prolonged period of contraction.
Economic factors influencing freight movement were mixed. Manufacturing activity showed only slight improvement nationally, while housing metrics were generally down. Port volumes at both U.S. land ports and seaports showed uneven performance. The report attributes some of the quarterly gains to reduced truckload capacity rather than a surge in demand.
Freight rates data showed spending was softer than shipments on a sequential basis, primarily due to lower fuel surcharges. Fuel spend was down $0.02 per mile (4.5%) from the first quarter. Contract rates remained flat quarter-over-quarter, while spot market rates decreased 1.4%. Year-over-year, all rate metrics declined.
Regionally, all five areas tracked by the index posted sequential shipment gains for the first time since Q2 2021. The Southwest led with a 6.7% increase, while the Southeast showed the smallest improvement at 0.1%. The Northeast emerged as the standout performer, with its Shipments Index rising 3.3% over Q1 and increasing 2.7% from a year earlier—the largest year-over-year increase among all regions.
The report cautions that it may be premature to declare a definitive market recovery, noting that the increases could be influenced by tariff volatility and uncertainty. A sustained recovery will depend on greater market clarity, particularly regarding international trade policies.
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