The truck freight market continued to decline in the third quarter as carriers exited the industry, according to a new freight report. For the third consecutive quarter, U.S. freight shipments and spending decreased quarterly and year-over-year.

The third-quarter U.S. Bank Freight Payment Index report shows the truck freight economy continues to face several headwinds, including consumer spending on experiences over goods, a softer housing market and declining factory output. The U.S. Bank National Shipments Index fell by 9.7% in the quarter from the same period in 2022. It was the sixth-consecutive and the largest year-over-year decline since the 12.5% drop in the second quarter of 2022 at the start of the COVID-19 pandemic. The U.S. Bank National Spend Index fell by 12.5% in the third quarter from the same period in 2022.

Compared to the second quarter, third-quarter shipments and spending fell by 3.4% and 4.2%, respectively. Both shipments and spending have declined for five consecutive quarters.

Trucking industry report shows challenges linger in third quarter