Analysis of the U.S. Bank Freight Payment Index - Q3 2025

In this episode of Supply Chain Now, hosts Scott Luton and Kim Reuter welcome Bobby Holland, Vice President/Director of Freight Business Analytics at U.S. Bank, and Heather Shilt, Director, Global Logistics at Fortive, to unpack Q3 2025 findings from the U.S. Bank Freight Payment Index, one of the industry’s most referenced trucking indicators, informed by tens of billions in transactions. The panel explores why volumes are down even as costs rise, how tariffs and manufacturing softness are reshaping regional performance, and where rate pressure and capacity tightness are showing up first.

Together, they dig into nine key takeaways from the national and regional views (West, Southwest, Midwest, Northeast, Southeast): most significant sequential gains in the West in four years, persistent softness in the Southwest, and mixed signals elsewhere as consumer demand, housing starts, and labor dynamics tug the market in different directions. From shipper playbooks (carrier-mix depth, lane-level cost vigilance, and alternate modes) to practical watch-outs for Q4 and early 2026, this data-driven conversation equips operators to trend, plan, and pressure-test their assumptions in a volatile environment.

Jump into the conversation:

(00:00) Intro

(06:26) Freight market overview

(07:09) National freight insights

(16:17) Regional analysis: West

(20:22) Regional analysis: Southwest

(22:05) Southwest region analysis

(22:25) Impact of construction activity on freight

(23:52) Midwest region insights

(26:16) Northeast region overview

(29:13) Southeast region trends

(33:06) Global supply chain leadership

(35:27) Freight market predictions

(41:10) Housing starts and freight impact

Additional Links & Resources:

• Download the complete Q3 2025 U.S. Bank Freight Payment Index: https://freight.usbank.com
• Learn more about U.S. Bank: https://www.usbank.com
• Learn more about Fortive: https://www.fortive.com
• Connect with Bobby Holland: https://www.linkedin.com/in/bobby-holland-4a9355/
• Connect with Heather Shilt: https://www.linkedin.com/in/heather-shilt-4a867430/
• Learn more about our hosts: https://supplychainnow.com/about
• Learn more about Supply Chain Now: https://supplychainnow.com
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This episode was hosted by Scott Luton and Kim Reuter, and produced by Trisha Cordes, Joshua Miranda, and Amanda Luton. For additional information, please visit our dedicated show page at: https://supplychainnow.com/analysis-us-bank-freight-payment-index-q3-2025-1508

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