Expenditures

Fourth quarter freight shipments—at 113.0—were down 4.6% compared to the third quarter, for the largest sequential decline since the first quarter of 2021, and were down 7.1% annually, marking the largest annual decrease since the third quarter 2020. For expenditures, the fourth quarter reading—at 272.3—was off 0.2% compared to the third quarter and was up 1.8% annually. The annual gain represented its lowest increase since the third quarter 2020.

December’s shipment reading—at 1.161—was down 3.9% annually, and December expenditures—at 4.231—fell 4.3%.

November’s shipment reading—at 1.201­—was down 0.4% annually, falling short of the 2.9% and 4.8% annual gains seen in October and September, respectively. November expenditures—at 4.476—increased 4.7%, below October’s 11.1% annual increase and was up 50.7% on a two-year stacked change basis.

October’s shipment reading—at 1.224—saw a 2.9% annual gain, falling short of the September’s 4.8% annual increase and was also below August’s 1.278 reading, which marked the highest level for shipments since May 2018. On the expenditures side, the report said that October’s 4.399 reading marked an 11.1% annual increase, and rose 52.4% on a two-year stacked change basis

The report’s third quarter shipment index value—at 118.5—was down 2.6% compared to the second quarter and was down 4.9% annually, marking the steepest annual decline going back to the first quarter of 2021. Third quarter spend was mostly down across the board, from the second quarter to the third quarter, with a 0.8% decline out West, a 5.3% decline in the Midwest and a 1.4% decrease in the Northeast, a 0.1% decrease in the Southeast, and a 1.7% increase in the Southwest. Annually, spend saw an 11.6%...

September’s shipment reading—at 1.241—rose 4.8% annually, and freight expenditures—at 4.627—climbed 21.2% annually.

The report’s second quarter shipment index value—at 121.6—was up 2.3% compared to the first quarter and essentially flat annually, down 0.9%. On the freight spend side, the index—at 279.6—was up 3.3% compared to the first quarter, while also posting a 19.7% annual gain.

June’s shipment reading—at 1.203—fell 2.3% annually, and June expenditures—at 4.665—rose 25.0% annually, slightly below May’s 27.5% annual gain.

May’s shipment reading—at 1.235—fell 2.7% annually, which was steeper than April’s 0.5% annual decline. And May expenditures—at 4.287—were up 27.5% annually, in line with April’s 30.6% annual gain and continuing to be paced by major inflation gains.

April’s shipment reading—at 1.172—saw a slim 0.5% increase, and April expenditures—at 4.510—saw a 30.6 annual gain, spurred on by a near 40-year high, for inflation.

March’s shipment reading—at 1.203—eked out a 0.6% annual increase, down 3.0% from February’s 3.6% annual increase and ahead of January’s 2.9% annual decline.

January’s shipment reading—at 1.078—fell 2.9% annually, coming off of a 7.7% annual gain in December. And January expenditures—at 4.027—saw a 31.2% annual increase, in tandem with U.S. wholesale inflation up 9.7% annually for the month, as per U.S. Department of Labor data.

December’s shipment reading—at 1.208—saw a 7.7% annual increase, and freight expenditures—at 4.419—increased 43.6%.

November’s shipment reading—at 1.206—saw a 4.5% annual increase, and freight expenditures—at 4.275—were up 43.9% annually.

The report’s shipment index value—at 124.6—increased 1.5% compared to the second quarter (down from a 4.4% growth rate, from the first quarter to the second quarter) and increased 2.4% annually. On a year-to-date basis, through the first three quarters of 2021, shipments are up 1.1% annually. And the third quarter freight spend reading—at 246.8—was up 5.6% compared to the first quarter (down from a 10.1% increase, from the first quarter to the second quarter) and saw a 32.6% annual increase.