According to the U.S. Department of Transportation’s (DOT) Bureau of Transportation Statistics (BTS), the Freight Transportation Services Index (TSI) rose by 2.2 percent in May, reversing a two month decline.
The May 2017 index figure sat at 126.8, an all-time high, which bested the previous record of 126.0 set in February 2017. The figure represents the month-to-month change in for-hire freight shipments by mode of transportation in tons and ton-miles.
In a release, BTS said the May increase was broad based with gains in most modes of transportation, especially water and pipeline, while air freight and trucking remained stable.
Additionally, employment and personal income grew and the Institute for for Supply Management’s Purchasing Managers’ Index showed positive and accreting growth.
While gains were seen throughout the month, declines were seen in housing starts and the Federal Reserve Board Industrial Production Index was unchanged over the previous month.
The record high Freight TSI reflected the second time in four months that a record high was reached. According to BTS, an index level of more than 125 indicates that the magnitude of freight transportation provided by the for-hire transportation industry was 25 percent higher than in the year 2000, which serves as the baseline year.