Bob Costello News Updates

Freight tonnage remained constrained with a slight sequential improvement in December, failing to overcome its generally lower levels, American Trucking Associations reported Jan. 20.

The last ATA Driver Compensation Study found truckload drivers earned median annual pay of $76,420 in 2023, a 10% increase compared with the level reported in 2021’s study.

Trucking activity in the U.S. climbed slightly in November, but shipments remain at low levels, according to American Trucking Associations.

Freight tonnage continued to slow sequentially in October, reaching its lowest level since the start of the year, American Trucking Associations reported Nov. 18.

American Trucking Associations Chief Economist Bob Costello warns that businesses remain hamstrung by trade policy uncertainty, and said the true impact of tariffs has barely been felt.

Customers are telling J.B. Hunt it has been a shipper’s market for longer than any of them expected, but they expect change in the market soon, said Director of Intermodal Pricing Amy Horn.

"September’s tonnage level was essentially the same as in September 2023, underscoring the tough freight market over the last few years,” said ATA Chief Economist Bob Costello.

The ATA For-Hire Truck Tonnage Index slipped 0.4% sequentially to 113.3 from 113.8 in May. The index also decreased 0.1% from the same time last year.

Economists at Goldman Sachs have raised their assessment of the odds the U.S. will experience a recession to 45% from 35% following President Donald Trump's tariffs announcement April 2.

American Trucking Associations' freight volume index posts second straight year-over-year gain. ATA Chief Economist Bob Costello said, "Growing optimism for the truck freight market after a two-year recession.”