The April Truck Tonnage Index rebounded from a dip in March, indicating a robust freight environment, according to the American Trucking Associations.
ATA’s truck tonnage index represents the trucking industry’s share of domestic freight transportation and is used as a barometer for the U.S. economy as a whole.
The index increased 2.2% from the previous month, equaling a reading of 112.5 and continuing a steady upward trajectory in 2018. The index has increased 9.5% compared to April 2017, and is averaging an 8% annual gain so far in 2018, easily outpacing the 3.8% average from last year.
Without seasonal adjustment, the April Truck Tonnage Index equaled 109.2, which is actually 4.8% below the previous month’s 114.7.
“Truck freight tonnage remains robust; I don’t think we’ve even seen the traditional spring freight season yet. Plus, the produce season was also delayed due to a cold snap in early spring,” said Bob Costello, ATA chief economist. “Longer-term, strength in consumption, factory output, and construction should keep truck freight tonnage solid for the quarters ahead.”