Supply Chain Now Analysis of the U.S. Bank Freight Payment Index - Q3 2025
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Nov 19, 2025 Bobby Holland, Vice President of Freight Business Analytics at U.S. Bank, and Heather Shilt, Director of Global Logistics at Fortive, delve into the Q3 2025 U.S. Bank Freight Payment Index. They discuss the striking decline in freight volumes amid rising costs, driven by tariffs and weakening manufacturing. Regional insights reveal significant growth in the West and persistent softness in the Southwest. The pair also provide actionable strategies for shippers, emphasizing lane monitoring and diverse carrier options to navigate this volatile landscape.
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Volumes Down, Costs Up Nationwide
- Freight volumes fell while shipping costs rose, indicating tightened capacity despite weaker demand.
- Tariffs, manufacturing weakness, housing starts, and fuel drove higher costs and regional divergence.
Review Carrier Mix And Lane Costs
- Review carrier contracts regionally and build a diverse carrier mix including smaller carriers and alternate modes.
- Monitor lane-level costs and trade/tariff developments continuously to reduce service and cost risk.
West Leads With Sequential Growth
- The West posted the largest sequential gain in four years as shipments rose 4.4% and spend rose 9%.
- Import flow and housing-related activity drove regional strength despite national declines.