Freight Index Reaches 2009 High

A closely watched index of U.S. shipping, signaling gathering strength in the domestic economy, advanced to its highest point in nine months in August.

The Cass Freight Index fell 16.6 percent in August compared to the same month a year ago, the 15th straight month of double-digit year-over-year declines in the index.

But the shipments index released Tuesday by Cass Information Systems also grew 1.3 percent from July to August, reaching its highest level since November 2008 and suggesting shippers are starting to push more goods through distribution channels heading into the fall.

The separate Cass index of shipper expenditures fell slightly on a month-to-month basis, slipping 0.9 percent.

The spending index fell 27 percent compared to August 2008, when a huge spike in fuel prices sent freight spending soaring.

Although the shipments index remains far below last year’s level, it has grown 10.5 percent since reaching its low point in January.