Earlier this week, U.S. Bank and DAT Freight & Analytics announced they have rolled out a new quarterly report, entitled the “U.S. Bank Freight Payment Index-Rates Edition”—which meshes DAT’s benchmark analysis with U.S. Bank transaction volume, offering a composite view of freight costs, which include average per-mile contract, spot, and fuel rates—and serves as a complementary piece to the U.S. Bank Freight Payment Index.
U.S. Bank and DAT leadership cited the benefits of this report for trucking stakeholders.
“Our collaboration with DAT Freight & Analytics is about building on the insights we can deliver to shippers and carriers so they can make better business decisions,” said Jeff Pape, General Manager of U.S. Bank Freight Payment. “In addition to the volume and spend data and analysis included in our Freight Payments Index, we know our clients will value the spot, contract and fuel rates in this additional report.”
And Ken Adamo, GM, Shipper and Chief of Analytics, at DAT, observed that the freight market is rarely one-dimensional, adding that looking at financial or rate data in isolation tells just half the story.
“By layering DAT’s benchmark analytics on top of transaction volume from U.S. Bank, we’re helping shippers bridge the gap between settlement data and real-time market dynamics,” said Adamo. “This composite view moves the industry beyond simple observation to actionable intelligence, ensuring stakeholders can anticipate volatility rather than just reacting to it.”
Key takeaways of the report’s debut included:
- spot rates rose 3.0% in October and then fell 1.1% to $1.65 per mile in November;
- contract rates were steady in recent months and came in at $2.02 in November;
- spot and contract rates increased less than 1% annually; and
- fuel surcharges were up 7.5% in November, even though national diesel prices fell, which the report said highlights how fuel surcharges do not always track pump prices in real time
U.S. Bank’s Pape told LM that the companies launched this this new report to give shippers and carriers a more complete, real‑world picture of freight costs.
We saw a need for clearer visibility into how rates move and why, especially as the market shifts and shippers and carriers navigate external challenges,” he saidf. “And because DAT is widely regarded across trucking and logistics for producing high‑quality, actionable data, combining their rate intelligence with our deep freight data around shipments and volume strengthens our ability to deliver insights that help the industry make better, faster decisions.
As for the report’s key objectives, Pape explained that the goal is to give shippers and carriers a clearer, more actionable understanding of how truckload costs are actually moving by combining detailed spot, contract and fuel‑surcharge trends with U.S. Bank’s shipment and volume data.
“It’s designed to provide timely insight into rate behavior—what’s changing, why it’s changing, and how market forces like seasonality, capacity shifts and fuel volatility are affecting freight costs,” he said. “We want to help industry decision‑makers to plan with more confidence and respond faster to emerging conditions.”
When asked if he expects spot rates to remain, or around, current levels into the New Year or if a true growth catalyst is required to drive pricing, Pape observed that the market is being pulled in two directions: softer economic indicators—mixed manufacturing activity, weaker job markets, and lower household spending—are keeping demand muted, while tightening capacity and tariff‑driven shifts are pushing shipping costs higher.
“A major factor is the steady exit of carriers and the increasing difficulty fleets face in securing equipment, which puts upward pressure on rates even as demand softens,” he said. “As some of these economic pressures stabilize, capacity constraints may become the dominant force, setting the stage for upward pressure.”
