The Fall Trucking Report released from TAB Bank is showing signs of steady growth according to monthly truck tonnage, fuel costs, perceived business conditions, and invoice size. Historically, trends in trucking and transportation serve as good indicators of the greater economy.
TAB Bank Fall Trucking Report Highlights:
*Diesel prices have began to increase again after the mid-summer decline and have once again eclipsed $4 a gallon.
*Sales volume for TAB's core group of clients has grown each month since an 8% decrease from May to June. TAB Bank has experienced an increase of 6% from June to August as carriers nationwide head into the pre-holiday shipping season.
*This increase also correlates with the slight uptick from April to July in the Industrial Production Index. This industry barometer has grown steadily in recent months.
*A major factor contributing to both total sales increasing as well as larger average invoices is the fact that the fuel surcharge portion of an invoice has increased with the higher fuel prices.
"As the trucking industry is experiencing growth, the overall economy can expect to follow suit because as trucks transport more products, it represents a leading indicator of greater demand,” says Eric Myers, TAB Bank vice-president of marketing. “Going into the pre-holiday season, TAB Bank is funding even more receivables from our trucking clients, which is a strong signal for improved economic conditions."