The American Trucking Associations’ (ATA) advanced seasonally adjusted For-Hire Truck Tonnage Index noted a 3.6% rise in May, bouncing back from a 1% decrease in April. According to a news release, the index in May reached 115.9 (with 2015 as the base year of 100), up from 111.9 in April.
“May was the first month since February 2023 that tonnage increased both sequentially and from a year earlier,” said ATA Chief Economist Bob Costello. “While there was clearly an increase in freight before the Memorial Day holiday, it is still too early to say whether this is the start of a long-awaited recovery in the truck freight market.”
ATA officials also mentioned that April’s decline was slightly revised upward from what was reported on May 21. On a year-over-year basis, the index saw a 1.5% increase in May, marking the first gain of this kind in 15 months. Conversely, April’s index was down 1.3% compared to the same period the previous year.
The unadjusted index, which reflects the actual tonnage hauled before any seasonal adjustments, rose to 120.4 in May, up 7.1% from April. The ATA’s For-Hire Truck Tonnage Index primarily represents contract freight rather than spot market freight. For reference, the index uses 2015 as its base year, set at 100.
Trucking is a vital indicator of the U.S. economy, handling 72.6% of the tonnage carried by all domestic freight transport modes, including both manufactured and retail goods. In 2022, trucks transported 11.46 billion tons of freight. Motor carriers generated $940.8 billion, which accounted for 80.7% of total revenue from all transport modes.
Source: The Trucker
