Freight Transportation Barely Misses Record Level, DOT Says
The Department of Transportation’s freight transportation services index rose 0.5% in October from the same month last year, just 0.2% below the record, DOT said Dec. 9.
October’s reading of 123.2 just shy of the of 123.5 set in November 2014. DOT uses a baseline reading of 100 from the year 2000.
“Since hitting a peak in November 2014, the Freight TSI has not had two consecutive months of either growth or decline. October was no exception, as the index increased by 0.4%, leaving it only 0.1% above its August level,” DOT said in a statement.
“The index remains high compared to earlier years, however, and has increased by 30.1% since its low of 94.7 in April 2009,” according to DOT.
“The Freight TSI increase was narrower in terms of modes than it has been in many previous months — trucking, waterborne and pipeline showed gains, while rail carload, rail intermodal and airfreight decreased," DOT said. "Similarly, the increase took place against a background of mixed indicators for the general economy — personal income increased, employment increased substantially, while housing starts, the Federal Reserve Board Industrial Production index and the ISM Manufacturing Index declined, indicating slower growth.”
The September level was revised down to 122.7.
The freight TSI is a seasonally adjusted monthly index measuring the output of services provided by the for-hire transportation industries, including railroad, air, truck, inland waterways, pipeline and local transit.
