Truck tonnage sees first monthly loss since beginning of pandemic

U.S. for-hire truck tonnage fell 2.3% in October, marking its largest monthly loss since the beginning of the pandemic, according to the American Trucking Associations (ATA). This comes on the heels of a 0.8% increase in September. "The decrease fits with the anecdotal reports of a muted fall freight season," said ATA chief economist Bob Costello. "It also coincides with a slowing economy.

Housing is a weak spot in freight in addition to a slowing in personal consumption of goods. While factory related freight is holding up better than other areas, it is also decelerating." The tonnage index was up 2.8% year over year, marking the 14th consecutive month of YoY gains, but the smallest since April.

Year-to-date through October, tonnage was up 3.9%.