MINNEAPOLIS, Minn. – The U.S. Bank Freight Payment Index, an analysis of freight shipment volumes and spend by companies shipping goods, has revealed better-than-expected spending and shipping growth for the second quarter of 2019.
The gains, however, were not enough to fully offset the declines in the first quarter or from last year, the bank said Wednesday.
“The second-quarter Freight Payment Index fits with other data trends we’re seeing,” commented Bob Costello, chief economist for the American Trucking Associations.
“We had a very weak first quarter, and while the second quarter improved, we’re still trying to catch up from the bad weather and high inventories, plus this year we had a late Easter.”
The bank said the gains appeared to be a rebalancing of the first quarter and not a complete offset.
“Along with continued slow shipments, the business community remains uncertain about the trade outlook and the economic impact of increased tariffs,” it said.
The U.S. Bank Freight Payment Index measures quantitative changes in freight shipments and spend activity based on data from transactions processed through U.S. Bank Freight Payment.
The business processed transactions worth more than $27.6 billion in 2018.
U.S. Bancorp, with 74,000 employees and $482 billion in assets, is the parent company of U.S. Bank.
Have your say
We won't publish or share your data