The American Trucking Assns.' for-hire Truck Tonnage Index released on Monday rose 0.7% for May as tonnage volumes increased slightly. The increase marked the first sequential rise in tonnage volumes since January.

ATA Chief Economist Bob Costello said tonnage growth is good, but would not reach 2004 levels, when the economy was growing at a faster pace. At the same time, tonnage volumes are more modest this year because of a wide disparity between production levels for certain commodities. For example, domestic steel production is slipping, which could be a drag on tonnage figures going forward.
“The economy continues to decelerate from last year, but we are not in a significant downturn,” Costello said. “However, growth in freight volumes will be modest for the rest of this year compared with 2004 when our tonnage index grew 5.7%. I still believe there will be a favorable supply-demand market this coming fall freight season despite the moderation in volumes.”
Trucking serves as a barometer of the U.S. economy because it represents nearly 70% 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% of total revenues earned by all transport modes.