According to the American Trucking Association (ATA), the seasonally adjusted For-Hire Truck Tonnage Index decreased 1 percent compared to October.
The report said the tonnage index increased nearly 1 percent (0.8 percent) in October. In November, the index equaled 113.7 compared to 114.9 in October. When compared to the same month last year, the seasonally adjusted index fell 1.2 percent, the ninth straight year-over-year decrease. In October, the index was down 2.4 percent from the same time a year earlier.
“We continued to see a choppy 2023 for truck tonnage into November,” said ATA Chief Economist Bob Costello. “It seems like every time freight improves it takes a step back the following month. While year-over-year comparisons are improving, unfortunately, the freight market remains in a recession. Looking ahead, with retail inventories falling, we should see less of a headwind for retail freight, but I’m also not expecting a surge in freight levels in the coming months.”
ATA said the not seasonally adjusted index, which represents the change in actual tonnage hauled, equaled 113.2 in November, 5.1 percent below the previous month’s 119.3. ATA said trucking serves as a barometer for the U.S. economy, and represents nearly three quarters (72.6 percent) of all the tonnage carried by domestic freight transportation, including manufactured and retail goods. Trucks hauled 11.46 billion tons of freight last year, the organization said.
The tonnage index is calculated using surveys from ATA’s membership. ATA said the index is preliminary and subject to change. The report includes month-to-month and year-over-year results, relevant economic comparisons and financial indicators.