The advanced seasonally adjusted for-hire Truck Tonnage Index increased 0.3 percent in October--for the second consecutive month, according to the American Trucking Association report.
"Many carriers have increased capacity only marginally, if at all, so the gains in tonnage are even more impressive than they may appear," according to Bob Costello, ATA chief economist. "It is difficult to increase volumes when you have the same number of trucks as a year ago, if not less. The driver shortage is keeping a lid on capacity, which makes it difficult for motor carriers to increase tonnage significantly. I am very pleased with the increases in September and October, and I believe the gains are reflective of a solid, steady economy.”
September and October were the first back-to-back monthly increases since October and November of 2004, Costello said.
On a seasonally adjusted basis, the tonnage index rose to 114.2 (2000=100) from 113.9 in September.
The tonnage index in October was 1.2 percent higher than a year earlier, which was the largest year-over-year gain since May of this year.
Year-to-date, the truck tonnage index was up 2.0 percent compared with the same period in 2004.
On a not-seasonally adjusted basis, the tonnage index fell 0.3 percent from September to 117.5.
ATA calculates the tonnage index based on surveys from its membership and has been doing so since the 1970s.