The combination of solid retail sales, inventory rebuilding, and generally higher factory output offset some areas of softer freight growth in October, according to ATA’s chief economist.
American Trucking Associations’ advanced seasonally adjusted For-Hire Truck Tonnage Index increased 0.4% in October after rising 2.2% in September. In October, the index equaled 113 compared with 112.6 in September.
“October’s gain was the third straight totaling 2.9%,” said ATA Chief Economist Bob Costello. “Economic growth remains on solid footing, which is good for truck freight volumes going forward. The largest problem for the industry isn’t the amount of demand, but making sure we have adequate supply. It is good to see that fleets were able to haul more tonnage in recent months in the face of constrained supply,” he said.
September’s reading was revised down slightly to 2.2%.
Compared with October 2020, the seasonally adjusted index rose 1.8%, which was the largest year-over-year gain since May. In September, the index was up 1.4% from a year earlier. Year-to-date, compared with the same ten months in 2020, tonnage is up 0.1%.
The not seasonally adjusted index, which represents the change in tonnage actually hauled by the fleets before any seasonal adjustment, equaled 115.8 in October, 2.6% above the September level (112.9).