The May Truck Tonnage Index increased slightly from the previous month and still reflects one of the best freight markets ever, according to American Trucking Associations.
At a reading of 113.8, the advanced seasonally adjusted May For-Hire Truck Truck Tonnage Index increased 0.7% over the previous month and is 7.8% higher than May 2017. So far this year, tonnage has increased 8% compared with the same period in 2017, which only saw an annual gain of 3.8%.
“This continues to be one of the best, if not the best, truck freight markets we have ever seen,” said Bob Costello, ATA chief economist. “May’s increases, both sequentially and year-over-year, not only exhibit a robust freight market, but what is likely to be a very strong GDP reading for the second quarter.”
Without being seasonally adjusted, the May Index equaled 118, which was 7.6% above the previous month (109.7).
“In the near-term, look for moderating growth rates for freight simply due to more difficult year-over-year comparisons, not from falling tonnage levels,” said Costello.