The Cass Transportation Index Report for September 2026 shows freight shipments rose 1.9% from a year ago. That’s the second annual gain in a row, following the longest freight downturn Cass has on record.
Freight spending jumped 20.4%, and truckload linehaul rates climbed 10.1% year over year. Below, we break down each index, ACT Research’s outlook, and how owner-operators can use the numbers.
TL;DR
- Shipments rose 1.9% year over year in September, the second straight annual gain after a 42-month slide.
- Freight expenditures jumped 20.4%, driven mostly by higher rates and fuel surcharges.
- Truckload linehaul rates rose 10.1% year over year to 154.8, the 21st straight month of annual growth.
- Diesel averaged $6.179 a gallon on October 12, so fuel still eats a large share of rate gains.
What Did the September 2026 Cass Report Show?
All three Cass measures rose again in September: shipments, spending, and truckload rates.
Here are the headline numbers from the Cass September 2026 report.
| Index | September 2026 | Year over year | 2-year stacked | Month to month | Month to month (seasonally adjusted) |
| Cass Freight Index: Shipments | 1.062 | +1.9% | -3.6% | +2.3% | +1.4% |
| Cass Freight Index: Expenditures | 3.970 | +20.4% | +23.1% | +6.7% | +4.0% |
| Truckload Linehaul Index | 154.8 | +10.1% | +12.9% | +0.6% | Not reported |
Cass builds the Cass Transportation Index Report from the freight bills it pays on behalf of shippers. So the numbers reflect freight that shippers paid to move.
Cass Freight Index Shipments Rose 1.9% Year Over Year
Shipments rose 1.9% from September 2025 and 2.3% from August. Seasonally adjusted, they rose 1.4% after a 5.0% jump in August.
This is the second straight annual gain. It follows a 3.5-year downturn, the longest on record for this measure.
Volumes haven’t fully recovered yet, though. The 2-year stacked figure is still down 3.6%.
Last month, Cass expected shipments to rise about 1% in September. The actual 1.9% gain beat that by almost a full point.
ACT Research points to several drivers:
- Modest economic growth: Retail and industrial activity both picked up.
- Inventory restocking: Container imports are surging as shippers rebuild stock.
- Rising equipment sales: Fleets are buying new trucks again.
In March 2026, Cass shipments were down roughly 4.5% year over year. If normal seasonal patterns hold, Cass expects shipments up about 4% year over year in October.
Freight Expenditures Jumped 20.4% Year Over Year
Freight expenditures rose 20.4% year over year in September, up from an 18.7% gain in August. This index measures what shippers pay in total to move freight, fuel included.
Shipments only rose 1.9% over the same period. So higher rates and fuel surcharges drove most of the 20.4% jump.
Seasonally adjusted, spending rose 4.0% from August while shipments rose 1.4%. That implies rates and fuel added about 2.6%.
Diesel is a big part of that. The U.S. average diesel price was $6.179 a gallon on October 12, 2026 (EIA). That’s $2.514 more than a year earlier.
The expenditures index fell in 2023, 2024, and 2025. Cass now has it on track for a 12% gain in 2026. October should run about 23% higher year over year.
Truckload Linehaul Rates Rose 10.1% Year Over Year
The Cass Truckload Linehaul Index rose to 154.8 in September. That’s up 0.6% from August and 10.1% from September 2025.
It tracks truckload linehaul pricing with fuel and accessorial charges stripped out. It covers both spot and contract freight.
September’s reading was the highest in four years and the 21st straight month of annual growth, according to FreightWaves.
The 0.6% monthly gain came in below the 0.9% year-to-date average. Spot rates eased a little, and contract bidding slowed for the season.
Contract rates, which cover most truckload freight, kept rising. That’s good news for carriers heading into fall bid season.
The index fell 10% in 2023 and 3.4% in 2024, then rose 1.8% in 2025. Cass has it on pace for a 7% gain in 2026.
What ACT Research Expects Next for the Freight Market
ACT Research expects freight to keep growing modestly into October, with fuel and interest rates as the main threats.
Intermodal Is Heading for a Record Year
ACT estimates North American intermodal volume will reach 19.3 million loads in 2026. That would beat the 2018 record of 18.9 million.
It expects 2027 to set another record. Railroad executives say they have spare capacity and are preparing chassis for more volume.
Intermodal competes most directly with long-haul truckload freight. If you run long dry van lanes, keep an eye on this number.
Risks to Watch
ACT names rising oil prices and interest rates as the two main limits on freight growth. Both hit owner-operators directly. Oil drives your fuel bill, and interest rates drive what you pay to finance a truck.
Final Thoughts
The September 2026 Cass report shows a second straight month of annual shipment growth. Linehaul rates are up 10.1%, and contract rates are still rising.
Diesel above $6 a gallon keeps margins tight. Track your costs closely and lock in solid lanes during bid season.
If you need to replace a truck, cover a repair, or add to your fleet, start your credit application. We’ll get back to you within four hours.