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Please update contact info: Bob & June Johnston' 692 Cedar Creek Dr. Box 7162 Star Valley Ranch, WY 83127 primary…
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The recent update from the U.S. Bank Freight Payment Index has shed light on the persistent challenges gripping the truck freight economy. The latest data, covering the third quarter of 2023, reveals a continuous downturn in both shipments and expenditure, marking the fifth consecutive quarter of decline.
Challenging Figures: Decreasing Freight Metrics
The analysis depicts a significant drop in truck freight expenditure, plummeting by 12.5% compared to the previous year. Concurrently, the volume of shipments recorded a substantial 9.7% decline year-over-year, emphasizing the ongoing struggle within the industry.
Insights from Industry Experts
Bob Costello, the American Trucking Associations’ senior vice president and chief economist, highlighted the multifaceted factors influencing this economic strain. Factors such as reduced retailer inventory, diminished homebuilding activities, and a shifting consumer preference towards experiential spending over material goods contribute to this challenging environment for motor carriers.
Regional Impact Analysis
The report specifies distinct regional impacts, with the West region experiencing the most significant setback. Shipments in this region plunged by a staggering 22.9% compared to the third quarter of the previous year. Meanwhile, the Midwest region faced a substantial spending decline of over 17.9% year-over-year.
Southwest and Beyond