Shipment data captured by payment services provider Cass Information Systems was only off modestly in February while freight costs plummeted on a tough comp.
The Cass Freight Index registered a 0.3% year-over-year (y/y) decline in shipments while the expenditures component of the data set, which measures the total costs associated with shipping freight, fell 9.7% y/y. The costs index was up against a tough comp (up 42.2% y/y in February 2022).
Shipments were up 3.8% from January after five months...