American Trucking Associations’ advanced seasonally adjusted (SA) For-Hire Truck Tonnage Index decreased 1.1% in September after rising 0.2% in August.
In September, the index equaled 113.9 compared with 115.2 in August, ATA reported.
“After hitting bottom in April, tonnage increased in three of the previous four months, gaining a total of 2.2% before September’s drop,” Bob Costello, ATA chief economist, said in a news release. “However, this freight market remains in flux, and the index contracted by 1.1% in September, which erased half of those gains.
“Additionally, the year-over-year decrease was the largest drop since November 2020 on a very difficult comparison—September 2022—which was the previous cycle high. While it is likely a bottom has been hit in truck freight tonnage, there could still be choppy waters ahead as the freight market remains volatile.”
Compared with September 2022, the SA index fell 4.1%, which was the seventh straight year-over-year decrease and the largest over that period. In August, the index was down 2.4% from a year earlier.
The not-seasonally adjusted index, which represents the change in tonnage actually hauled by fleets before any seasonal adjustment, equaled 112.5 in September, 6.8% below the August level (120.7). 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.