For the second consecutive month, the American Trucking Associations' advanced seasonally adjusted for-hire Truck Tonnage Index increased 0.3 percent.
The September increase was revised down to 0.3 percent from the previously reported 0.4 percent.
On a seasonally adjusted basis, the tonnage index rose to 114.2 (2000=100) from 113.9 in September. The tonnage index in October was 1.2 percent higher than a year earlier, which was the largest year-over-year gain since May of this year. Year-to-date, the truck tonnage index was up 2.0 percent compared with the same period in 2004. On a not-seasonally adjusted basis, the tonnage index fell 0.3 percent from September to 117.5.
ATA Chief Economist Bob Costello said that September and October were the first back-to-back monthly increases since October and November of 2004.
Costello noted that many carriers have increased capacity only marginally, if at all, so the gains in tonnage are even more impressive than they may appear. "It is difficult to increase volumes when you have the same number of trucks as a year ago, if not less. The driver shortage is keeping a lid on capacity, which makes it difficult for motor carriers to increase tonnage significantly," Costello recently stated. "I am very pleased with the increases in September and October, and I believe the gains are reflective of a solid, steady economy."
Trucking serves as a barometer of the U.S. economy because it represents nearly 70 percent of tonnage carried by all modes of domestic freight transportation, including manufactured and retail goods.
Trucks hauled 9.8 billion tons of freight in 2004. Motor carriers collected $671 billion dollars, or just under 88 percent of total revenues 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 tenth day of the month. The report includes month-to-month and year-over-year results, relevant economic comparisons, and key financial indicators.
The September increase was revised down to 0.3 percent from the previously reported 0.4 percent.
On a seasonally adjusted basis, the tonnage index rose to 114.2 (2000=100) from 113.9 in September. The tonnage index in October was 1.2 percent higher than a year earlier, which was the largest year-over-year gain since May of this year. Year-to-date, the truck tonnage index was up 2.0 percent compared with the same period in 2004. On a not-seasonally adjusted basis, the tonnage index fell 0.3 percent from September to 117.5.
ATA Chief Economist Bob Costello said that September and October were the first back-to-back monthly increases since October and November of 2004.
Costello noted that many carriers have increased capacity only marginally, if at all, so the gains in tonnage are even more impressive than they may appear. "It is difficult to increase volumes when you have the same number of trucks as a year ago, if not less. The driver shortage is keeping a lid on capacity, which makes it difficult for motor carriers to increase tonnage significantly," Costello recently stated. "I am very pleased with the increases in September and October, and I believe the gains are reflective of a solid, steady economy."
Trucking serves as a barometer of the U.S. economy because it represents nearly 70 percent of tonnage carried by all modes of domestic freight transportation, including manufactured and retail goods.
Trucks hauled 9.8 billion tons of freight in 2004. Motor carriers collected $671 billion dollars, or just under 88 percent of total revenues 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 tenth day of the month. The report includes month-to-month and year-over-year results, relevant economic comparisons, and key financial indicators.
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