Index 5.9% Below February 2020
Arlington, Virginia — Ǻ’ advanced seasonally adjusted (SA) For-Hire Truck Tonnage Index decreased 4.5% in February after rising 1.8% in January. In February, the index equaled 110 (2015=100) compared with 115.2 in January.
“February’s drop was exacerbated, perhaps completely caused, by the severe winter weather that impacted much of the country during the month,” said Ǻ Chief Economist Bob Costello. “Many other economic indicators were also soft in February due to the bad storms, but I continue to expect a nice climb up for the economy and truck freight as economic stimulus checks are spent and more people are vaccinated.”
January’s gain was revised up slightly to 1.8% from our February 23 press release.
Compared with February 2020, the SA index fell 5.9%, which was preceded by a 1.6% year-over-year decline in January. In 2020, the index was 4% below the 2019 average.
The not seasonally adjusted index, which represents the change in tonnage actually hauled by the fleets before any seasonal adjustment, equaled 99.4 in February, 7.9% below the January level (107.9). In calculating the index, 100 represents 2015. Ǻ’s For-Hire Truck Tonnage Index is dominated by contract freight as opposed to spot market freight.
Trucking serves as a barometer of the U.S. economy, representing 72.5% of tonnage carried by all modes of domestic freight transportation, including manufactured and retail goods. Trucks hauled 11.84 billion tons of freight in 2019. Motor carriers collected $791.7 billion, or 80.4% of total revenue earned by all transport modes.
Ǻ calculates the tonnage index based 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.