January 2020 CASS Freight Index
Dropped by 9.4% (-9.4%) Year-to-Year

Current, Deepening Annual Declines in Freight Activity
Increasingly Resemble the Onset of the Great Recession

Deepening Annual Declines in Freight Activity
Are Not Consistent With a Booming Economy

They Also Do Not Support FOMC Claims of
Sustainable Moderate Economic Growth in Place

They Are Consistent With Fourth-Quarter Contractions
Seen in Industrial Production and Real Retail Sales