Index Fell 1% from March 2023
WASHINGTON, April 23,
2024 /PRNewswire/ -- American Trucking Associations'
advanced seasonally adjusted For-Hire Truck Tonnage Index declined
2% in March after increasing 4% in February. In March, the index
equaled 113.4 (2015=100) compared with 115.7 in February.
"Tonnage in March suggests that truck freight volumes remain
lackluster, and it is clear the truck freight recession continued
through the first quarter," said ATA Chief Economist
Bob Costello. "In the first
three months of 2024, ATA's tonnage index contracted 0.8% from the
previous quarter and declined 2.4% from a year earlier,
highlighting ongoing challenges the industry is navigating."
February's increase was revised down slightly from our
March 19 press release.
Compared with March 2023, the
index fell 1%, which was the thirteenth straight year-over-year
decline, but the second smallest over that period. In February, the
index was down 1.7% 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 114.4 in March, 4.7% higher than in February.
ATA's For-Hire Truck Tonnage Index is dominated by contract freight
as opposed to 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.
American Trucking Associations is the largest national trade
association for the trucking industry. Through a federation of 50
affiliated state trucking associations and industry-related
conferences and councils, ATA is the voice of the industry America
depends on most to move our nation's freight. Follow ATA
on Twitter or Facebook. Trucking Moves America
Forward.
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SOURCE American Trucking Associations