According to the latest report from the American Trucking Association (ATA), truck tonnage increased for the second month in February.
ATA found that the seasonally adjusted For-Hire Truck Tonnage Index rose 1.2 percent in February after rising 0.6 percent in January. The association said the index was at 118.4. In January, the index was at 117.
“Tonnage has increased sequentially for the last three months totaling 2.9 percent,” said ATA Chief Economist Bob Costello. “As a result, the index is just 0.3 percent below the recent high in September. The fact that our index is growing sequentially and on a year-over-year basis demonstrates that contract freight continues to hold up at high levels.
Costello said indicators point to continued increases.
“Looking ahead, we continue to see evidence the inventory cycle is improving, which means bloated stocks will stop being a headwind and eventually help truck freight volumes,” Costello said. “Increased infrastructure spending will also boost volumes heading into the summer months. However, we expect to see continued freight softness related to lower home construction and slowing factory output.”
The SA index increased 2.3 percent over February 2022, which was the 18th straight year-over-year gain. Tonnages in 2022 were up 3.5 percent over 2021, the association said.
When looking at the amount actually hauled and not seasonally adjusted, the tonnage equaled 107.6 in February, 4.5 percent below January. ATA said its For-Hire-Truck Tonnage Index is dominated by contract freight instead of spot market freight. The index is calculated based on ATA membership surveys. ATA said its figures are preliminary and are subject to change in the final report.