Seasonally adjusted truck tonnage moved higher in February: ATA – Truck News
For-hire truck tonnage is on the rise in the U.S., according to the American Trucking Associations’ For-Hire Truck Tonnage Index.
The seasonally adjusted measure rose 1.2% in February after increasing 0.6% in January, reaching a score of 118.4. (The baseline of 100 was set in 2015.) It was the 18th straight year-over-year gain and the largest since October.
January’s index was up 1.4% compared to a year earlier. The overall 2022 tonnage was up 3.5% over 2021.
“Tonnage has increased sequentially for the last three months totaling 2.9%,” ATA chief economist Bob Costello said in a press release. “As a result, the index is just 0.3% below the recent high in September. The fact that our index is growing sequentially, and on a year-over-year basis, demonstrates that contract freight continues to hold up at high levels.”
Improving inventories appear to be approving, meaning that bloated levels will stop being a headwind, Costello added.
“Increased infrastructure spending will also boost volumes heading into the summer months. However, we expect to see continued freight softness related to lower home construction and slowing factory output.”
When not seasonally adjusted, the February tonnage rated 107.6, which is 4.5% lower than January.
ATA’s For-Hire Truck Tonnage Index is dominated by contract freight as opposed to spot market freight.