U.S. Shipping Costs Rise Despite Lower Freight Volumes

U.S. shippers experienced increased transportation costs during the second quarter of 2026 despite moving fewer goods. According to the U.S. Bank Freight Payment Index, the National Shipment Index declined 1.1% to 75.1, while spending rose 6.4% to 230.4. On an annual basis, spending climbed 28.1% while volumes dropped 2.8%.

This divergence between volume and cost is driven by a tightening of truck capacity. Factors contributing to the reduced supply include the exit of fleets during a multi-year recession and stricter regulatory enforcement regarding driver training schools and English language proficiency. These capacity constraints outweighed the impact of fuel price spikes on overall costs.

Data from DAT Freight & Analytics shows that average spot rates rose 18.9% in the second quarter to $3.02 per mile. Bob Costello, Chief Economist at the American Trucking Associations, stated that fuel was not the primary force behind the increase in shipper spending, indicating a market where restricted supply is driving costs upward even without a broad-based recovery in demand.