Index 2.3% Below August 2022
Washington — ϾƷ’ advanced seasonally adjusted (SA) For-Hire Truck Tonnage Index increased 0.2% in August after rising 1.1% in July. In August, the index equaled 115.3 (2015=100) compared with 115 in July.
“The evidence is growing that tonnage hit bottom in April and continues its slow climb upwards,” said ϾƷ Chief Economist Bob Costello. “However, year-over-year comparisons remain difficult as tonnage peaked in September of last year. As a result, it is unlikely that tonnage turns positive compared with a year earlier for at least a month or two longer. Most recently, freight continues to be mixed, with consumer spending and factory output flat to down.”
July’s increase was revised higher from our August 22 press release.
Compared with August 2022, the SA index fell 2.3%, which was the sixth straight year-over-year decrease. In July, the index was down 1.2% from a year earlier.
The not seasonally adjusted index, which represents the change in tonnage actually hauled by the fleets before any seasonal adjustment, equaled 120.7 in August, 6.3% above the July level (113.6). In calculating the index, 100 represents 2015. ϾƷ’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 72.6% of tonnage carried by all modes of domestic freight transportation, including manufactured and retail goods. Trucks hauled 11.46 billion tons of freight in 2022. Motor carriers collected $940.8 billion, or 80.7% of total revenue earned by all transport modes.
ϾƷ 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.