“The fact that our [For-Hire Truck Tonnage Index] is growing sequentially and on a year-over-year basis demonstrates that contract freight continues to hold up at high levels,” ATA’s chief economist said.
Some of the gain in the last couple months is attributable to capacity coming out of the network, ATA Chief Economist Bob Costello said.
For-hire truck tonnage outperformed some other key metrics that drive truck freight, like housing starts and factory output in December 2022.
For-hire truck tonnage saw the largest single monthly decrease in November since the start of the pandemic, according to ATA.
For-hire truck tonnage saw the largest single monthly decrease in October since the start of the pandemic.
Compared with September 2021, truck tonnage increased 5.5%, which was the thirteenth straight year-over-year gain.
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.
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