November Truck Tonnage Shows 2.7% Monthly Gain
U.S. truck tonnage fell 3.5% in November from a year ago but showed a 2.7% month-to-month gain from October, American Trucking Associations said.
The increase from October boosted ATA’s seasonally adjusted tonnage index to a reading of 106.4, its highest level in a year, with the year 2000 as a base year with a 100 reading.
The November year-to-year decline of 3.5% was the best year-over-year showing in twelve months, ATA said late Tuesday. The October index had declined 5.2% year-over-year.
ATA Chief Economist Bob Costello said that tonnage readings were moving in the right direction.
“Slowly, but surely, truck freight has started the recovery process and November’s solid increase is a very positive sign,” he noted, adding that November tonnage was pushed higher by improved economic activity and by an inventory correction that is near completion.
“Truck freight had been hurt by both slow economic output and bloated inventories; however, we now have evidence that the inventories are in much better shape, which will not be such a drag on truck freight volumes.” Costello said.
He did signal a note of caution, however.
“While the economy and trucking is improving, the industry should not get overly excited about the sizeable increase in November. I continue to believe that both the economy and truck tonnage will exhibit starts and stops in the months ahead, but the general trend should be for moderate growth,” Costello said.
ATA calculates the tonnage each month based on reports by its member trucking companies.
