BREAKING: The Cass Freight Index fell -4.8% YoY in July, to 0.96, matching the lowest level since the 2020 pandemic. The index tracks freight shipment activity across North America and is a widely followed indicator of freight demand. This marks the 42nd consecutive monthly decline, the longest streak on record. Over this period, shipments have fallen -20%, with the index declining -7.0% in 2023, -5.8% in 2024, and -7.5% in 2025. MoM, shipments posted their 3rd consecutive monthly decline, reversing the brief rebound seen earlier this year. This decline reflects higher fuel prices, while a renewed driver shortage is reducing available trucking capacity and weighing on shipment volumes. The US freight market continues to weaken.(The Kobeissi Letter)