Cass Freight Index Improves in March
The March Cass Freight Index rose 0.4% over the same month last year and improved 6.6% above February鈥檚 level, reflecting an improving market for motor carriers and other transport providers.
鈥淪hipment volume and total freight payments continued to climb in March, ending the first quarter on a high note,鈥 the report said. 鈥淏ad weather continued to plague many parts of the country, but transportation seemed to be less affected than January or February.鈥
The report linked the improvement to a stronger economy, saying 鈥渕anufacturing and production have turned a corner and are back in expansion mode.鈥
Cass Information Systems听compiles shipment and payment data primarily from truck freight. The index is based on $23 billion worth of freight bills annually that are processed by the company that is affiliated with a St. Louis bank.
Freight payments increased 5.3% on a year-over-year basis and 5.4% sequentially from February, putting the index at the second-highest level in four years.
