The Breakthrough Monthly Freight Index
Elevate your freight strategy with the Breakthrough Ecosystem. Stay informed with the latest freight index and market update, empowering you to navigate shifts in demand and capacity.
Freight index analysis
Total shipments within the Breakthrough Ecosystem have seen a year-over-year (YOY) decline of 5.9%. However, there was a 2.1% increase in August compared to July levels. This significant YOY drop suggests that the freight market is currently at its lowest point. Nevertheless, the seasonal uptick typically observed in August persisted, and the freight volumes that were pulled forward in June and July may have limited a more substantial increase.
Regional demand has declined YOY with only slight gains noted in the New England states. The East North Central region, which includes Wisconsin, Illinois, Michigan, Indiana, and Ohio, experienced the largest decline at 10.4% year-over-year. Freight volumes varied across different industries, with the paper and packaging sector being the only one to show YOY increases. Conversely, durable goods faced the steepest declines, largely attributed to the weakening automotive and housing markets.
Freight market update
Published: September 23, 2024
Several durable goods manufacturing sectors, especially machinery, are experiencing prolonged production downturns, impacting the U.S. freight market. The machinery industry employs about 1 million people and generates around $450 billion in annual shipments. As of July, U.S. machinery manufacturing has faced a year-over-year decline of 0.9%, making it the 17th consecutive month of decreases. High interest rates have increased borrowing costs for businesses, creating challenges. Although interest rate cuts began in September, it will take time for these changes to foster growth in durable goods manufacturing and freight shipments, which are lagging behind other sectors in volume growth.
Adapt to freight market demands
To maintain a competitive advantage, integrate innovative strategies that leverage data, technology, and market expertise. By doing so, you can take a proactive approach to procurement.
Access real-time data
Prepare for the forecasted increase in freight demand by having access to a real-time, shipper-transacted dataset. With this type of data at your fingertips, you can benchmark your network against other industry-leading shippers and uncover opportunities within your transportation network.
Invest in relationships
Invest in mutually beneficial relationships with carriers to be prepared for any sudden changes in freight demand or capacity. Leverage Capac-ID to determine if alternative carriers might be a better match for certain lanes and loads.
Leverage a trusted source
Keep informed about market shifts to adjust your transportation plans promptly. By leveraging unbiased market expertise from sources like Breakthrough, you can effectively communicate market dynamics to your C-suite, enhancing your credibility as a transportation leader.
About the Breakthrough Ecosystem
The Breakthrough Ecosystem is one of the cleanest and most robust sets of transportation data in the U.S.
23+ million shipments
$28 billion in transportation spend
12+ billion commercial miles
1.5+ billion gallons of diesel fuel
Take control of your freight network
Experience firsthand how Breakthrough’s innovative freight solutions can keep a constant pulse on your transportation network performance and identify areas for cost reduction and efficiency gains.