March 2020 Cass Freight Index
Plunged by 9.2% (-9.2%) Year-to-Year

Continuing, Deepening Annual Declines in Freight Activity
Increasingly Mirror the Onset of the Great Recession

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

They Also Never Supported FOMC Claims of Pre-Pandemic
Sustainable Moderate Economic Growth in Place

They Are Consistent With Fourth-Quarter 2019 and First-Quarter 2020
Contractions in Industrial Production and Real Retail Sales

They Also Likely Foreshadow a Quarterly Contraction in
Real First-Quarter 2020 Gross Domestic Product