April 2020 Cass Freight Index®
Collapsed by 22.7% (-22.7%) Year-to-Year

Level of Activity and Annual Decline Both Sank to
Lows Last Seen at the Depths of the Great Recession

Deepening Declines in Annual Freight Activity
Remain Inconsistent With a Pre-Pandemic Booming Economy

Consistent With Fourth-Quarter 2019 and First-Quarter 2020
Contractions in Industrial Production and Real Retail Sales the
Pandemic Savaged What Already Was an Unfolding Recession