Freight index hits record in August

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In August, the Freight Transportation Services Index hit a monthly high, according to the U.S. Department of Transportation’s Bureau of Transportation Statistics.

The index, which is determined by the amount of freight carried by the for-hire transportation industry, was 1.5 percent higher than July, the previous record high. When compared to August 2016, the index increased 6.7 percent, the largest year-over-year gain since December 2010.

The bureau began recording the index in 2000, and August was 30 percent higher than the baseline established that year and reached 130.7.

In 2017, August had the third increase in four months, a 5 percent increase since April.

The highest level prior to this year was July 2016.

August’s for-hire freight shipments were 38 percent higher than the index’s lowest point in April 2009 and 6.7 percent higher than August 2016.

Shipments have increased 16.1 percent since August 2012 and 19.5 percent since August 2007.

August’s increase has been attributed primarily to trucking and, to a lesser extent, an increase in rail and air freight.

The increase coincided with August’s growth in housing projects, personal income, and employment.

The passenger index fell slightly, 0.2 percent, from July, but increased 3 percent from August 2016.

The combined index rose 0.9 percent from July.