October Truck Tonnage Falls 1.5%
October truck tonnage fell 1.5% from a year ago, according to American Trucking Associations’ seasonally adjusted for-hire truck tonnage index.
The downturn followed a 2.3% year-to-year drop September, ATA said late Tuesday. The index was down 0.3% from September’s reading.
The October index’s reading was 110.9. Year to date, the index was 2.2% lower than the same time last year.
The year’s index decline could be the largest since a 5.2% drop in 2000, ATA said. Last year, it fell 1.7% from the previous year.
The not seasonally adjusted index rose 14% from September, to 122.1, ATA said.
ATA Chief Economist Bob Costello said the reading showed continued softness, and that although the weak freight environment was broad-based, the housing sector remained a significant contributor to the decline, particularly for flatbed carriers.
Provided the economy doesn’t slip into a recession, Costello expects freight levels will remain soft through the second half 2008.
“We anticipate truck freight volumes to be lackluster for the next couple of quarters,” he said. “There is nothing on the horizon that points to an acceleration in truck freight.”
ATA calculates the tonnage each month based on reports by its member trucking companies.
