According to the American Trucking Association, the advanced seasonally adjusted (SA) For-Hire Truck Tonnage Index increased in October after seeing a September decline.
ATA said the index equaled 115.2, a 1.1 percent increase over September’s 113.9 index. The index is calculated by ATA based on surveys from its membership. The preliminary figure is subject to change in the final report, ATA officials said, which will be issued around the 5th day of each month.
“After hitting a floor in April, tonnage has slowly and inconsistently improved, but remains 3% below its recent peak in September 2022,” said ATA Chief Economist Bob Costello. “Despite the monthly gain, truck freight remains soft as it continues to contract on a year-over-year basis. It is important to remember that our for-hire truck freight index, which includes both truckload and LTL freight, is dominated by contract freight with minimal amounts of spot market loads. The traditional spot market remains much weaker than contract tonnage.”
When compared with October 2022, the SA index was down 2.1 percent – the eighth straight year-over-year decrease. In September, the index was down 4.1 percent from a year earlier.
The association said the not seasonally adjusted index, which represents the change in tonnage actually hauled by fleets before any seasonal adjustment, was 119.7 in October, 6.3 percent about the September level of 112.5. When calculating the index, 100 represents 2015. ATA’s For-Hire Truck Tonnage Index is dominated by contract freight, the organization said.