Truck Tonnage Surges 8.1%, Hits Record
Truck tonnage surged again in November, rising at an 8.1% pace and setting another record, American Trucking Associations reported.
The advanced seasonally adjusted index stood at 128.5 in November, putting the year-to-date improvement in tonnage at 5.8%. Last month, the index rose 9% on a year-over-year basis, ATA reported.
On a sequential basis, the index rose 2.7% from 125.1 in October. September's 128.7 index was the previous record.
“Tonnage snapped back in November, which fits with several other economic indicators,” ATA Chief Economist Bob Costello said. “Truck tonnage continues to be supported by fast-growing sectors of the economy that generate heavy freight loads, like residential construction, fracking for oil and natural gas, and auto production.”
“Assuming that December isn’t weak, tonnage growth this year will be more than twice the gain in 2012,” he added, citing the 2.3% tonnage growth in 2012 over 2011.
The ATA economist said the accelerating tonnage in the second half of 2013 is an indication that “the economy is likely stronger than some might believe.”
The trade group also revised its October numbers to show a 1.9% sequential decline from September compared with the earlier 2.8% drop that was reported Nov. 19.
The ATA’s not seasonally adjusted index, measuring freight actually hauled in November, stood at 122.4, a drop of 8.8% from October.
