The U.S. truck freight market showed signs of recovery in the second quarter of 2025, with national shipment volumes rising 2.4% and spending increasing 1.2% from the previous quarter, according to the latest U.S. Bank Freight Payment Index. This marks the first quarter-to-quarter gain in both metrics in three years. All five U.S. regions posted sequential volume gains, led by a 6.7% increase in the Southwest.
“While the national year-over-year metrics remain down, the second quarter’s sequential growth in both shipments and spending are a welcome shift after years of contraction,” says Bobby Holland, U.S. Bank director of freight business analytics. “However, with all of the tariff-related volatility potentially impacting trucking activity, it is too soon to say if the market has turned the corner.”
Compared with the second quarter of 2024, national shipments were down 9.8% and spending declined 4.9%. However, the year-over-year decrease in shipments was the smallest since Q3 2023.
Key takeaways:
· Freight volumes in the West rose for the second straight quarter, supported by port activity and inventory movements.
· The Southwest posted the largest sequential shipment gain among regions, though volumes remain well below year-ago levels.
· Freight activity in the Midwest improved sequentially, the largest quarter-over-quarter increase in three years. The region had solid home construction but flat-to-down consumer spending.
· The Northeast, which has experienced some of the largest volume declines in recent years, led all regions in year-over-year shipment and spending growth, driven by housing starts and auto sales.
· The slight sequential increase in volume was just the second increase since the third quarter of 2021. Freight in the area was impacted by soft manufacturing and consumer activity.
