The American Trucking Assns.’ (ATA) advanced seasonally adjusted Truck Tonnage Index surged 14.6% to an all-time high of 164.2 (1993=100) in December, the national association for the trucking industry reported Tuesday.
The previous highpoint was in December 1999 at 157.2. December’s jump followed a revised decrease of 6.5% in November.
The bellwether report from the ATA’s Economic and Statistics Group is a key indicator for for-hire trucking activity.
From November to December, the unadjusted index soared 5.6%. Compared to December 2002, the unadjusted index rose 7.2%, which was the biggest year-over-year growth rate since December 2002. From 2002 to 2003, truck tonnage grew 3%.
"This was the first December increase in the unadjusted index since 1997," said ATA chief economist Bob Costello. "I believe that inventory rebuilding likely added to December’s strength in addition to stronger volumes from an improving economy. I’m also hearing several reports that January freight volumes are quite strong. If true, it is a good sign for the industry, since the first month of the year tends to be weak, too."
Trucks hauled 8.9 billion tons of freight in 2002, or 67.9% of tonnage carried by all modes of domestic freight transportation. Motor carriers collected $585 billion dollars, or 87% of total revenue earned by all transport modes.
ATA 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 seventh day of every month. The report includes month-to-month and year-over-year results, relevant economic comparisons and key financial indicators.
The previous highpoint was in December 1999 at 157.2. December’s jump followed a revised decrease of 6.5% in November.
The bellwether report from the ATA’s Economic and Statistics Group is a key indicator for for-hire trucking activity.
From November to December, the unadjusted index soared 5.6%. Compared to December 2002, the unadjusted index rose 7.2%, which was the biggest year-over-year growth rate since December 2002. From 2002 to 2003, truck tonnage grew 3%.
"This was the first December increase in the unadjusted index since 1997," said ATA chief economist Bob Costello. "I believe that inventory rebuilding likely added to December’s strength in addition to stronger volumes from an improving economy. I’m also hearing several reports that January freight volumes are quite strong. If true, it is a good sign for the industry, since the first month of the year tends to be weak, too."
Trucks hauled 8.9 billion tons of freight in 2002, or 67.9% of tonnage carried by all modes of domestic freight transportation. Motor carriers collected $585 billion dollars, or 87% of total revenue earned by all transport modes.
ATA 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 seventh day of every month. The report includes month-to-month and year-over-year results, relevant economic comparisons and key financial indicators.
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