Freight Transportation Services Index Rebounds in November 2025

The U.S. Department of Transportation's Bureau of Transportation Statistics (BTS) released encouraging data this week: The Freight Transportation Services Index (TSI) rose 1.2% in November 2025 compared to October, marking a rebound after two consecutive months of declines. On a year-over-year basis, the index also increased 1.2% from November 2024.

This Freight TSI serves as a key economic barometer, tracking the volume of freight moved by the for-hire transportation sector—including trucking, rail, inland waterways, pipelines, and air freight. As a leading indicator, movements in the TSI often precede broader shifts in economic activity, making this uptick noteworthy for shippers, carriers, and logistics professionals.

Key Drivers Behind the November Increase

The monthly gain stemmed from solid performance in several core modes:

• Higher volumes in rail carloads

• Growth in pipeline shipments

• Increased trucking activity

These advances more than offset declines in air freight, rail intermodal, and water transportation volumes.

This mode-specific breakdown highlights the resilience of ground-based freight—particularly trucking and rail—which continue to anchor the U.S. supply chain amid evolving demand patterns.

Broader Context: Passenger and Combined Indexes

The Passenger TSI rose 0.3% month-over-month in November (driven by gains in air passenger, rail passenger, and transit volumes) and climbed 1.4% year-over-year. The Combined Freight and Passenger Index increased 0.9% from October and 1.2% from November 2024.

While passenger travel remains below pre-pandemic peaks, the freight rebound aligns with other signals of stabilizing economic conditions.

Freight TSI in Relation to Other Economic Indicators

November's data places the Freight TSI at 138.5 (seasonally adjusted), up from 136.8 in October. For comparison:

• The Federal Reserve Board's Industrial Production Index edged up 0.2% in November.

• Mining output rose 1.7%, while utilities dipped -0.4%.

• The ISM Manufacturing Index continued in contraction territory at 48.2 (below 50 signals contraction).

(Note: Some retail sales and personal income figures were unavailable due to federal appropriations issues at the time of release.)

These comparisons underscore transportation's role as an early mover in the economy—often reflecting demand shifts before they fully appear in manufacturing or retail data.

What This Means for Your Supply Chain

The November rebound suggests improving freight demand heading into the new year, particularly in trucking, rail, and pipeline sectors. For businesses navigating capacity, rates, and inventory planning:

• Monitor mode-specific trends closely—ground transportation appears to be leading the recovery.

• Consider how this uptick could influence carrier availability and pricing in Q1 2026.

• Use tools like the new Truck-Rail Freight Services Index (released ahead of the full TSI) for faster insights into these dominant modes.

At Gain Consulting, we specialize in helping clients interpret these indicators to optimize logistics strategies, mitigate risks, and capitalize on emerging opportunities. Whether you're adjusting capacity contracts, refining routing, or forecasting demand, staying ahead of TSI trends is essential in today's dynamic freight environment.

The next release—for December 2025 data—is scheduled for February 11, 2026. We'll be watching closely for continued momentum.

For more supply chain insights, including updates on freight markets, regulatory changes, and economic indicators, connect with the Gain Consulting team today.