Truck tonnage inched up year-over-year in November, but for the second consecutive time declined on a month-to-month basis amid a tepid seasonal environment, American Trucking Associations said with the release of its monthly For-Hire Truck Tonnage Index.
The index rose 0.8% compared with November 2021, but declined 2.5% compared with October. This followed a 1.2% decline from September to October. In November, the index equaled 114.7 compared with 117.6 in October. In calculating the index, 100 represents 2015.
“For-hire truck tonnage saw the largest single monthly decrease in November since the start of the pandemic and a total drop of 3.7% in October and November,” ATA Chief Economist Bob Costello said in a statement. “The decreases match anecdotal reports of a soft fall freight season, as well as a slowing goods economy generally. Housing-related freight is particularly weak.”
Costello
The year-over-year increase was the 15th consecutive year-over-year gain, but was also the smallest increase over that period. In October, the index was up 4% from a year earlier. Year-to-date through November, tonnage is up 3.7% compared with the same period in 2021,
ATA’s For-Hire Truck Tonnage Index is dominated by contract freight as opposed to spot market freight.
Separately, the Logistics Managers Index also showed a slowing economy. The November LMI registered 53.6, down 3.9% from October’s 57.5. This is the third of four months that the LMI has had a reading below 60. A reading above 50 indicates expansion, while one below 50 indicates contraction.
