Truck Tonnage Will increase 2.3% in February
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Truck tonnage in February elevated 2.3% in comparison with the identical month in 2022 based on American Trucking Associations’ For-Rent Truck Tonnage Index, marking the 18th straight year-over-year achieve and the most important since October.
On a month-to-month foundation, the February quantity was up 1.2% after growing 0.6% in January.
In February, the index equaled 118.4 (2015=100), in contrast with 117 in January.
ATA Chief Economist Bob Costello stated March 21 that contract freight stays robust.
“Tonnage has elevated sequentially for the final three months totaling 2.9%,” Costello stated. “Because of this, the index is simply 0.3% under the latest excessive in September. The truth that our index is rising sequentially and on a year-over-year foundation demonstrates that contract freight continues to carry up at excessive ranges.”
Costello identified that the tonnage quantity has remained regular and continues to extend incrementally month-to-month, growing 1.4% in January in comparison with 2022. For the complete 12 months of 2022, tonnage elevated 3.5%.
“Trying forward, we proceed to see proof the stock cycle is bettering, which suggests bloated shares will cease being a headwind and ultimately assist truck freight volumes,” Costello stated. “Elevated infrastructure spending can even increase volumes heading into the summer time months. Nonetheless, we anticipate to see continued freight softness associated to decrease house development and slowing manufacturing unit output.”
Trucking serves as a barometer of the U.S. financial system, representing 72.2% of tonnage carried by all modes of home freight transportation, together with manufactured and retail items. Vehicles hauled 10.93 billion tons of freight in 2021. Motor carriers collected $875.5 billion, or 80.8% of whole income earned by all transport modes.
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