Washington — American Trucking Associations’ advanced seasonally adjusted For-Hire Truck Tonnage Index increased 0.3% in July after declining 1.8% in June. In July, the index equaled 113.7 (2015=100) compared with 113.3 in June.
“While July wasn’t a strong month, we see continued evidence that the truck freight market is likely turning a corner, albeit slowly,” said ATA Chief Economist Bob Costello. “Some of July’s small gain was likely due to strong import activity, especially at West Coast seaports. Decent retail sales and factory output growing slightly from a year earlier also helped truck tonnage last month.”
June’s decrease was revised down from our July 23 press release.
Compared with July 2023, the index decreased 0.9%. In June, the index was down 0.6% from a year earlier.
The not seasonally adjusted index, which represents the change in tonnage actually hauled by the fleets before any seasonal adjustment, equaled 116.7 in July, 3.4% above June. ATA’s For-Hire Truck Tonnage Index is dominated by contract freight as opposed to traditional spot market freight.
In calculating the index, 100 represents 2015.
Trucking serves as a barometer of the U.S. economy, representing 72.6% of tonnage carried by all modes of domestic freight transportation, including manufactured and retail goods. Trucks hauled 11.46 billion tons of freight in 2022. Motor carriers collected $940.8 billion, or 80.7% of total revenue earned by all transport modes.
ATA calculates the tonnage index based on surveys from its membership and has been doing so since the 1970s. This is a preliminary figure and subject to change in the final report issued around the 5th day of each month. The report includes month-to-month and year-over-year results, relevant economic comparisons, and key financial indicators.