Freight shipments fell 1% sequentially in June, reversing all of May’s gain, according to data provided by Cass Information Systems. With a cooling in consumer spending and new highs in inflation (9.1% annualized, according to June data released by the Bureau of Labor Statistics(BLS)), the freight industry appears to be on the downside of the freight cycle as the back half of 2022 begins. (Freightwaves July 2022)
The Cass Freight Expenditure Index, which measures the total amount spent on freight, reached an all-time high in June, jumping 8.3% from May on a seasonally adjusted comparison. It is up 25% year over year. (Freightwaves July 2022)
Trucking firms added 20,600 jobs in June according to the BLS. The jobs gain pushes trucking employment to nearly 5% above pre-pandemic peak levels in (JOC July2022)
