American Trucking Associations’ advanced seasonally adjusted For-Hire Truck Tonnage Index grew 1.8% in August after rising 0.4% in July.
In August, the index equaled 115.8 (2015=100) compared with 113.8 in July.
“August tonnage levels rose to the highest level since February 2023,” Bob Costello, ATA chief economist, said in a news release. “Not only does the latest robust gain show freight levels are coming off the bottom, but so does the sequential pattern over the last eight months. Starting earlier this year, every time tonnage falls, it is higher than the previous low.
“For me, this month-to-month pattern is more important than looking at the year-over-year percent changes since we are at an inflection point in the freight market.”
Compared with August 2023, the index increased 0.7%, just the second year-over-year gain in the last 18 months (the other being in May 2024). In July, the index was down 0.9% from a year earlier, ATA reported.
The not seasonally adjusted index, which represents the change in tonnage hauled by fleets before any seasonal adjustment, equaled 119.4 in August, 2.2% above July. ATA’s For-Hire Truck Tonnage Index is dominated by contract freight as opposed to traditional spot market freight.
In calculating the index, 100 represents 2015.
Trucking serves as a barometer of the U.S. economy, representing 72.6% of tonnage carried by all modes of domestic freight transportation, including manufactured and retail goods. Trucks hauled 11.46 billion tons of freight in 2022. Motor carriers collected $940.8 billion, or 80.7% of total revenue earned by all transport modes.
ATA calculates the tonnage index based on surveys from its membership and has been doing so since the 1970s.