American Trucking Associations’ advanced seasonally adjusted (SA) For-Hire Truck Tonnage Index rose 0.4% in December after decreasing 2.5% in November. In December, the index equaled 115.2 (2015=100) versus 114.8 in November.
“Despite the small gain in December, for-hire truck tonnage clearly decelerated during the final quarter in 2022,” said ATA Chief Economist Bob Costello. “In fact, tonnage outperformed some other key metrics that drive truck freight, like housing starts and factory output during the final month of the year. This is probably because contract truckload freight is still outperforming the spot market and less-than-truckload freight after underperforming both of those sectors in 2021.”
For all of 2022, tonnage was up 3.4%, which was the best annual gain since 2018.
“Despite weakening in the second half, 2022 overall was a solid year for truck freight tonnage,” Costello said. “The index’s yearly gains were primarily driven by strength in the first half of 2022, so despite a marked slowdown as the year ended, for the year as a whole, tonnage posted a very solid year overall.”
November’s decline was unchanged from our December 20 press release.
Compared with December 2021, the SA index increased 0.3%, which was the sixteenth straight year-over-year gain, but the smallest over that period. In November, the index was up 0.8% from a year earlier.
The not seasonally adjusted index, which represents the change in tonnage actually hauled by fleets before any seasonal adjustment, equaled 112.6 in December, 1.8% below the November level (114.6). In calculating the index, 100 represents 2015. ATA’s For-Hire Truck Tonnage Index is dominated by contract freight as opposed to spot market freight.
Trucking serves as a barometer of the U.S. economy, representing 72.2% of tonnage carried by all modes of domestic freight transportation, including manufactured and retail goods. Trucks hauled 10.93 billion tons of freight in 2021. Motor carriers collected $875.5 billion, or 80.8% 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.
SOURCE American Trucking Associations