Cass freight index slips in January

A monthly index of domestic shipping activity published by freight audit and payment firm Cass Information Systems declined in January, marking the second consecutive month of sequential declines for the closely watched index.

However, the index last month rose 5.6 percent over January 2009 levels, recorded near the depths of the recession. The year-over-year increase was significantly higher than similar comparisons for November and December.

The index is based on the expenditures and shipments of Cass's clients. In January, the freight expenditure index came in at 1.462, while the shipment index came in at 0.899. In December, the expenditure index came in at 1.528 and the shipment index at 0.919. For the prior month, the numbers were 1.596 and 0.947, respectively.

Cass executives were unavailable to comment on the results.