American Trucking Associations’ American Trucking Associations’ advanced seasonally adjusted For-Hire Truck Tonnage Index fell by 6.1% in May, nearly erasing the 7% gain in April.

The index equaled 114 in May, compared to 121.4, though the decline was somewhat expected given the volatility of the broader economy in recent months, according to ATA.

“As expected, tonnage corrected in May from the surprising surge in April,” said Bob Costello, ATA chief economist. “The economy is still growing, but the recent volatility in truck tonnage fits with a broader economy that is showing more mixed signals.”

When compared to May 2018, the index only increased by 0.9% which is the smallest year-over-year gain since April 2017.

“The good news is if you ignore recent highs and lows, tonnage appears to be leveling off, albeit at a high level,” said Costello.

Without seasonal adjustment, representing the change in truck tonnage actually hauled by fleets for the month, the index equaled 119.1 in May, 1.5% above April’s level at 117.4. For a longer term comparison, in calculating the index, a reading of 100 represents 2015.