U.S. freight rates surged in December, setting the stage for a powerful pricing tailwind in 2021, according to a monthly index published by freight audit and payment firm Cass Information Systems Inc. (NASDAQ:CASS) and released on Thursday.
The Cass freight expenditures index jumped 13% year-on-year, according to the index, which is based on about $28 billion in annual freight payments that Cass audits. The freight expenditures subindex, which measures changes in pricing action, rose 6.8%...