Truck tonnage index falls 1.4% in June
The American Trucking Associations’ advance seasonally adjusted For-Hire Truck Tonnage Index decreased 1.4 percent in June, although May’s reduction was revised from 0.6 percent to just 0.1 percent.
May and June marked the first back-to-back contractions since March and April 2009.
The latest reduction lowered the SA index from 110.1 in May to 108.5 in June. The nonseasonally adjusted index, which represents the change in tonnage actually hauled by the fleets before any seasonal adjustment, equaled 115.9 in June, up 6.5 percent from the previous month. Compared with June 2009, SA tonnage climbed 7.6 percent, which was just below May’s 7.7 percent increase and the seventh consecutive year-over-year gain.
Year-to-date, tonnage is up 6.6 percent compared with the same period in 2009.
ATA Chief Economist Bob Costello said the two sequential decreases reflect an economy that is slowing, and that growth in truck tonnage is likely to moderate in the months ahead as the economy decelerates and year-over-year comparisons become more difficult. Nevertheless, Costello believes that tonnage doesn’t have to grow quickly at this point since industry capacity has declined so much. “Due to supply tightness in the market, any tonnage growth feels significantly better for fleets than one might expect,” he said.
ATA calculates the tonnage index based on surveys from its membership. The report includes month-to-month and year-over-year results, relevant economic comparisons and key financial indicators. The baseline year is 2000.