IRU member the American Trucking Associations (ATA) has been calculating the tonnage index based on surveys from its membership since the 1970s.
The American Trucking Associations’ advanced seasonally adjusted For-Hire Truck Tonnage Index increased 0.3% in July after declining 1.8% in June. In July, the index equalled 113.7 (2015=100) compared with 113.3 in June.
ATA Chief Economist Bob Costello said, “While July wasn’t a strong month, we see continued evidence that the truck freight market is likely turning a corner, albeit slowly.”
“Some of July’s small gain was likely due to strong import activity, especially at West Coast seaports. Decent retail sales and factory output growing slightly from a year earlier also helped truck tonnage last month,” he added.
Compared with July 2023, the index decreased 0.9%. In June, the index was down 0.6% from a year earlier.
The not seasonally adjusted index, which represents the change in tonnage actually hauled by the fleets before any seasonal adjustment, equalled 116.7 in July, 3.4% above June. ATA’s For-Hire Truck Tonnage Index is dominated by contract freight as opposed to traditional spot market freight.
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 US economy, representing 72.6% of tonnage carried by all modes of domestic freight transport, including manufactured and retail goods. Trucks hauled 11.46 billion tons of freight in 2022. Motor carriers collected USD 940.8 billion, or 80.7% of total revenue earned by all transport modes.
This is a preliminary figure and subject to change in the final report issued around the fifth day of each month. The report includes month-to-month and year-on-year results, relevant economic comparisons, and key financial indicators.
This story was originally published by ATA.