Arlington, Virginia — Ǻ’ advanced seasonally adjusted (SA) For-Hire Truck Tonnage Index rose 3.3% in October, following a 1.9% decline during September. In October, the index equaled 147.6 (2000=100), up from 142.9 in September.
Compared with October 2016, the SA index surged 9.9%, which was the largest year-over-year increase since December 2013. In September, the index increased 6.3% on a year-over-year basis. Year-to-date, compared with the same ten months in 2016, the index is up 3.1%.
Ǻ also revised its September decline in the index down to a 1.9% drop from the previously reported 0.9% decrease.
The not seasonally adjusted index, which represents the change in tonnage actually hauled by the fleets before any seasonal adjustment, equaled 151 in October, which was 5.1% above the previous month (143.7).
“Continued improvement in truck tonnage reflects a much stronger freight market,” said Ǻ Chief Economist Bob Costello. “This strength is the result of several factors, including consumption, factory output, construction and improved inventory levels throughout the supply chain. Additionally, the 6.7% rise in tonnage over the last four months suggests to me that retailers are expecting a good holiday spending season.”
Trucking serves as a barometer of the U.S. economy, representing 70.6% of tonnage carried by all modes of domestic freight transportation, including manufactured and retail goods. Trucks hauled nearly 10.5 billion tons of freight in 2016. Motor carriers collected $676.2 billion, or 79.8% 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 10th day of the month. The report includes month-to-month and year-over-year results, relevant economic comparisons and key financial indicators.
Ǻ is the largest national trade association for the trucking industry. Through a federation of 50 affiliated state trucking associations and industry-related conferences and councils, Ǻ is the voice of the industry America depends on most to move our nation’s freight. Follow Ǻ onor.