Truck Tonnage Index Decreased 1% in November

American Trucking Associations’ advanced seasonally adjusted (SA) For-Hire Truck Tonnage Index decreased 1% in November after increasing 0.8% in October. In November, the index equaled 113.7 (2015=100) compared with 114.9 in October.  

“We continued to see a choppy 2023 for truck tonnage into November,” says ATA Chief Economist Bob Costello, one of the most respected authorities on the freight economy who regularly speaks at the annual Food Shippers conference. “It seems like every time freight improves, it takes a step back the following month. While year-over-year comparisons are improving, unfortunately, the freight market remains in a recession. Looking ahead, with retail inventories falling, we should see less of a headwind for retail freight, but I’m also not expecting a surge in freight levels in the coming months.”

October’s gain was revised down slightly from their November 21 press release.

Compared with November 2022, the SA index fell 1.2%, which was the ninth straight year-over-year decrease. In October, the index was down 2.4% from a year earlier. 

The not seasonally adjusted index, which represents the change in tonnage actually hauled by the fleets before any seasonal adjustment, equaled 113.2 in November, 5.1% below the October level (119.3). In calculating the index, 100 represents 2015. ATA’s For-Hire Truck Tonnage Index is dominated by contract freight as opposed to spot market freight. 

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. This is a preliminary figure and subject to change in the final report issued around the 5th day of each month. The report includes month-to-month and year-over-year results, relevant economic comparisons, and key financial indicators. 

Related Articles:

• Truck Tonnage Increases 1.1% in October 2023 
• Truck Tonnage Index Falls 1.1% in September 2023
• Truck Tonnage Index Rose .2% in August 2023
• Truck Tonnage Index Decreases .8% in July 2023
• Truck Tonnage Index Increases 2.1% in June 2023
• Truck Tonnage Index Increases 2.4% in May 2023
• Truck Tonnage Index Decreases 1.7% in April 2023
• Truck Tonnage Decreases 5.4% in March 2023
• Truck Tonnage Increases 1.2% in February 2023
• Truck Tonnage Increases 0.7% in January 2023

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