Arlington, Va. — Ǻ’ advanced seasonally adjusted (SA) For-Hire Truck Tonnage Index rose 0.7% in May after rising 2.7% in April. In May, the index equaled 113.8 (2015=100), up from 113 in April.
Ǻ revised the April increase from the originally reported 2.2% to 2.7%.
Compared with May 2017, the SA index increased 7.8%, down from April’s 9.9% year-over-year increase. Year-to-date, compared with the same five months last year, tonnage increased 8%, far outpacing the annual gain of 3.8% in 2017.
The not seasonally adjusted index, which represents the change in tonnage actually hauled by the fleets before any seasonal adjustment, equaled 118 in May, which was 7.6% above the previous month (109.7).
“This continues to be one of the best, if not the best, truck freight markets we have ever seen,” said Ǻ Chief Economist Bob Costello. “May’s increases, both sequentially and year-over-year, not only exhibit a robust freight market, but what is likely to be a very strong GDP reading for the second quarter. However, in the near-term, look for moderating growth rates for freight simply due to more difficult year-over-year comparisons, not from falling tonnage levels.”
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.
