According to the American Trucking Associations, its advanced seasonally adjusted For-Hire Truck Tonnage Index rose 0.1% in January after rising 0.5% in December, equaling 117.4 (2015=100) compared with 117.3 in December.
ATA recently revised the seasonally adjusted index back five years as part of its annual revision.
“Over the last two months, the tonnage index has increased 0.6%, which is obviously good news” said ATA Chief Economist Bob Costello. “However, after our annual revision, it is clear that tonnage peaked in July 2019 and, even with the recent gains, is down 1.8% since then. Softness in manufacturing and elevated inventories continue to weigh on the truck freight tonnage.”
The index rose 0.8% compared to January 2019, which was preceded by a 3.1% year-over-year increase in December. In 2019, the index was 3.3% above 2018.
The not seasonally adjusted index, which represents the change in tonnage actually hauled by the fleets before any seasonal adjustment, equaled 114.6 in January, 1.1% above the December level (113.3).
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 fifth day of each month. The report includes month-to-month and year-over-year results, relevant economic comparisons, and key financial indicators.