The closely-watched Cass Freight Index fell a record 25 percent in April compared to the same month a year ago, and freight spending also dropped at a record pace, throwing a new cloud over hopes that an economic recovery could be stirring.
The April year-over-year decline in the shipment index announced Monday was the steepest yet in a tailspin that started at the beginning of 2008, exceeding a 24.6 percent drop in U.S. shipping activity measured in January.
Cass Information Systems’ shipment measure also declined 3 percent from March, and the 0.878 was the second-lowest reading since 1992, exceeded by only January’s level.
Lighter shipping and falling fuel prices also helped pull the Cass index of freight expenditures down 27.8 percent in April over the same month a year ago.
The month-to-month reading also accelerated, with April down 5.4 percent after a 2.1 percent drop in March.
The April year-over-year decline in the shipment index announced Monday was the steepest yet in a tailspin that started at the beginning of 2008, exceeding a 24.6 percent drop in U.S. shipping activity measured in January.
Cass Information Systems’ shipment measure also declined 3 percent from March, and the 0.878 was the second-lowest reading since 1992, exceeded by only January’s level.
Lighter shipping and falling fuel prices also helped pull the Cass index of freight expenditures down 27.8 percent in April over the same month a year ago.
The month-to-month reading also accelerated, with April down 5.4 percent after a 2.1 percent drop in March.