Trucking News · Nationwide · October 30, 2026

Truckers Hauled About the Same Amount of Freight, but Shippers Paid 32.1% More in the Third Quarter, U.S. Bank Freight Payment Index Shows

By Big Rig Daily Staff

Shippers spent 32.1% more to move freight in the third quarter of 2026 than a year earlier, even though shipment volumes barely changed, according to the latest U.S. Bank Freight Payment Index. The Trucker reported the numbers on Oct. 29. The index says the jump is the largest annual increase since 2021, and it ties the higher bills to tighter truck capacity and higher fuel costs.

What the index found

Third quarter shipper spending rose 32.1% from a year ago, driven primarily by tightened carrier capacity and diesel prices climbing over $6.50 per gallon nationally, according to the report. National shipment volumes rose both from the prior quarter and from a year earlier, for the first time since 2021, but only modestly: 0.4% quarter over quarter and 0.5% year over year.

Bob Costello, senior vice president and chief economist at American Trucking Associations, said: "What makes this quarter notable is that outlays are rising much faster than freight volumes." He added that "companies are encountering tighter truck capacity, higher fuel costs and stronger carrier pricing power. As a result, shippers are spending substantially more to move essentially the same amount of freight."

Regional differences

Shipments increased in the Southeast, Southwest and Northeast but declined in the West and Midwest. The Southeast posted the strongest quarter over quarter gain at 4.7%, while the West recorded the largest drop at 3.1%. Compared with a year earlier, the Northeast led shipment growth at 2.8%.

Spending rose in every region both from the prior quarter and from a year earlier. The Southwest posted the largest annual increase at 51.6%, which the index says reflected especially tight capacity as enforcement actions reduced the availability of drivers hauling domestic loads. The West faced outsized fuel pressure, with California diesel reaching $8.25 per gallon in late September.

"Freight conditions vary by region, but cost pressure is widespread," said Bobby Holland, director of freight business analytics at U.S. Bank. "Even where volumes are flat or declining, tighter capacity and higher operating costs are driving spending higher."

About the data

The index source data is based on the actual transaction payment date and covers domestic freight modes, truckload and less than truckload. It is seasonally and calendar adjusted, according to The Trucker.

What the report does not say

The index measures what shippers spend, not what truckers are paid, and the report does not say how much of the increase reached drivers or carriers' take home pay. Big Rig Daily is not drawing that conclusion.

Quick facts

• Index: U.S. Bank Freight Payment Index, third quarter of 2026.
• Shipper spending: up 32.1% from a year earlier, the largest annual increase since 2021.
• Shipment volumes: up 0.4% from the prior quarter and 0.5% from a year earlier.
• Southwest: spending up 51.6% year over year.
• Diesel: over $6.50 a gallon nationally, and $8.25 in California in late September.

Big Rig Daily has also covered how a freight index showed record holiday delivery prices and why diesel could stay high until spring.

A question for readers

If shippers are paying this much more, is any of it showing up in your paycheck?

Save this story for later

Save this to Pinterest