Read why ATA's Chief Economist says the industry may see more volatility in the months ahead.
“While the spot market has slowed as freight softens, contract carriers are backfilling those losses with loads from shippers reducing spot market exposure," said ATA Chief Economist Bob Costello.
Economic indicators that are important to trucking slowed in May, including retail sales, housing starts, and manufacturing output.
After eight straight gains, for-hire truck tonnage decreased 2% in April.
For-hire contract freight tonnage remained solid in March, only limited by lack of capacity, both of drivers and equipment, at contract fleets, according to ATA.
Despite a string of gains, the ATA's tonnage index is still off 1.8% from pre-pandemic numbers.
Thanks to rising retail rates and factory output, American Trucking Associations’ advanced seasonally adjusted For-Hire Truck Tonnage Index rose 0.6% in January.
December's truck tonnage increase is reflective of a still growing goods-economy, explains ATA’s chief economist.
In November, strong factory output and housing starts helped push the index higher.
The combination of solid retail sales, inventory rebuilding, and generally higher factory output offset some areas of softer freight growth in October, according to ATA’s chief economist.
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