U.S. Bank Freight Payment Index reflects mixed results in Q1, moderation after record levels in 2018
April 24 2019 - 9:40AM
Business Wire
The U.S. Bank Freight Payment Index, a quarterly analysis of
freight shipment volumes and spend by companies shipping goods,
revealed mixed results for the first quarter of 2019 and moderation
after record highs in 2018.
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U.S. Bank Freight Payment Index Q1 2019
(Graphic: Business Wire)
- Shipments contracted significantly
nationwide, both on a quarterly and annual basis.
- Freight spending decreased from last
quarter but increased slightly from this time last year.
- Numerous factors impacting shippers and
carriers including: extreme weather, international trade
uncertainty and the partial government shutdown.
- Regional differences varied more
dramatically than usual.
- Midwest: crippling snow storms made
shipments challenging, spending was down.
- Northeast: weather, plus decelerating
manufacturing activity led to slower shipping.
- Southeast and Southwest: shipments fell
while spend on trucking rose.
- West Coast: trade trends that spiked
volume in Q4 2018, led to softer Q1 2019.
“There is good reason to expect the shipment index to recover
from the large drop in the first quarter as the winter weather
effects will not be present in the second quarter, plus economic
activity is expected to pick up from a seasonally slower first
quarter,” said Bob Costello, chief economist for the American
Trucking Associations, who analyzes the data for U.S. Bank
quarterly.
“The regional information provided in the U.S. Bank Freight
Payment Index is important to our shipper and carrier clients who
are paying closer attention to regional trends,” said Bobby
Holland, U.S. Bank vice president and director of Freight Data
Solutions. “Consumer demand for faster delivery from eCommerce has
many companies looking at logistics from a regional
perspective.”
To see the full report including in-depth regional data, visit
the U.S. Bank Freight Payment Index website.
U.S. Bank pioneered electronic freight payment more than 20
years ago. 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 more than $27.6 billion in 2018 for
some of the world’s largest corporations and government
agencies.
U.S. Bancorp, with 74,000 employees and $467 billion in assets
as of Dec. 31, 2018, is the parent company of U.S. Bank, the
fifth-largest commercial bank in the United States. The
Minneapolis-based bank blends its relationship teams, branches and
ATM network with mobile and online tools that allow customers to
bank how, when and where they prefer. U.S. Bank is committed to
serving its millions of retail, business, wealth management,
payment, commercial and corporate, and investment services
customers across the country and around the world as a trusted
financial partner, a commitment recognized by the Ethisphere
Institute naming the bank a 2019 World’s Most Ethical Company.
Visit U.S. Bank at usbank.com or follow on social media to stay up
to date with company news.
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version on businesswire.com: https://www.businesswire.com/news/home/20190424005640/en/
Dana Stone, U.S. Bank Public Affairs &
Communications651-435-7908 office, 720-778-6667
mobiledana.stone@usbank.com
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