The American Trucking Associations (ATA) reports a slow but notable improvement in freight levels, as indicated by its seasonally adjusted For-Hire Truck Tonnage Index, which increased by 1.1% in October. This follows a 1.1% decline in September. Despite the incremental rise, the tonnage remains 3% below its peak in September 2022 after hitting a low point in April. Bob Costello, ATA Chief Economist, notes the slow and inconsistent recovery, emphasizing that truck freight continues to contract on a year-over-year basis.

Comparing October 2022 with the same month this year, the seasonally adjusted index fell by 2.1%, marking the eighth consecutive year-over-year decrease. September had witnessed a 4.1% decline compared to the previous year. The not-seasonally adjusted index, reflecting the actual tonnage hauled by fleets before any seasonal adjustment, reached 119.7 in October, a 6.3% increase from September’s level of 112.5.

Costello points out that the traditional spot market remains considerably weaker than contract tonnage. The trucking industry, often considered a barometer of the U.S. economy, accounts for 72.6% of tonnage carried by all domestic freight transportation modes, encompassing manufactured and retail goods. In 2022, trucks transported 11.46 billion tons of freight, contributing $940.8 billion, or 80.7%, to the total revenue earned by all transportation modes. The data reflects the ongoing challenges and fluctuations in the trucking sector, offering insights into broader economic trends.

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