Measure of Trucking Activity Continues a Seesaw Pattern
Washington 鈥 Trucking activity in the United States contracted in November, according to the 黑料不打烊鈥 advanced seasonally adjusted For-Hire Truck Tonnage Index, just the second decrease since July.
鈥淭he frustratingly choppy freight environment continued in November,鈥 said 黑料不打烊Chief Economist Bob Costello. 鈥淪ince hitting a low in January of this year, tonnage is up a total of 1.1%, but the path has been fraught with nice gains one month only to come back down the next. The good news is that the overall trend this year is up, albeit at a slow rate.鈥
In November, the 黑料不打烊advanced seasonally adjusted For-Hire Truck Tonnage Index equaled 112.5 compared with 114.6 in October. The index, which is based on 2015 as 100, was down 1% from the same month last year.听
The not seasonally adjusted index, which calculates raw changes in tonnage hauled, equaled 109.6 in November, 9.6% below October.听
The seasonally adjusted decrease follows a sequential 1.2% gain in October, which was unchanged from the November 19 press release.
Trucking serves as a barometer of the U.S. economy, representing 72.6% of tonnage carried by all modes of domestic freight transportation, including manufactured and retail goods. Trucks hauled 11.46 billion tons of freight in 2022. Motor carriers collected $940.8 billion, or 80.7% of total revenue earned by all transport modes.听
Both indices are dominated by contract freight, as opposed to traditional spot market freight. The tonnage index is calculated on surveys from its membership and has been doing so since the 1970s. This is a preliminary figure and subject to change in the final report issued around the 5th day of each month. The report includes month-to-month and year-over-year results, relevant economic comparisons, and key financial indicators.听
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