ATA's Latest Report: June Truck Tonnage Took a Decline

Overview of June’s Truck Tonnage Report

The American Trucking Associations (ATA) recently released its advanced seasonally adjusted For-Hire Truck Tonnage Index for June, revealing a 1.6% decrease following a 3% increase in May. This latest data shows that the index now stands at 113.5, down from 115.3 in May.

Interpreting the Trends

Despite June’s decline, the ATA Chief Economist Bob Costello suggests that the overall trend remains positive. “While giving back some of the gain from May, it appears that truck freight tonnage is slowly going in the right direction since hitting a recent low in January,” said Costello. He pointed out that the second quarter average was slightly higher than the first quarter by 0.2% and only 0.2% lower than the second quarter of 2023. These figures hint that truck freight may be on the cusp of a more substantial recovery.

Year-Over-Year Comparison

Compared to June 2023, the index saw a slight decrease of 0.4%. In contrast, May’s index had shown a 1% increase from the previous year, marking the first year-over-year gain since February 2023. This fluctuation underscores the ongoing challenges and gradual improvements in the trucking industry.

Unadjusted Tonnage Index

The not-seasonally adjusted index, which tracks the actual tonnage hauled by fleets before seasonal adjustments, was 113.1 in June, reflecting a 5.5% drop from May. This sharp monthly decline highlights the volatility within the freight sector, influenced by various economic factors and seasonal changes.

Importance of ATA’s Tonnage Index

The ATA’s For-Hire Truck Tonnage Index primarily covers contract freight, distinguishing it from the traditional spot market freight. In this context, 100 on the index represents the tonnage hauled in 2015. Trucking, as a major component of the U.S. economy, accounts for 72.6% of the tonnage carried by all domestic freight transportation modes, including manufactured and retail goods. In 2022, trucks hauled 11.46 billion tons of freight, generating $940.8 billion, or 80.7% of the total revenue earned by all transportation modes.

Data Collection and Reporting

ATA’s methodology involves collecting data from its member surveys, a practice that has been in place since the 1970s. The preliminary figures are subject to revision in the final report, typically issued around the fifth day of each month. This report not only includes month-to-month and year-over-year results but also provides relevant economic comparisons and key financial indicators.

Looking Ahead

While the June report showed a slight dip in truck tonnage, the overall trend since January suggests a slow but steady recovery for the trucking industry. The data, though preliminary, offers valuable insights into the state of freight and the broader U.S. economy. As the ATA continues to monitor and report these trends, stakeholders can gain a better understanding of the dynamics at play in this vital sector.

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