Truck tonnage continues to increase according to the most recent report from the American Trucking Associations’ advanced seasonally adjusted (SA) For-Hire Truck Tonnage Index, which showed a 0.5% increase in September after rising 2.1% in August.
In September, the index equaled 118.8 (2015=100) versus 118.2 in August.
“The latest gain put tonnage at the highest level since August 2019 and the third highest level on record,” said ATA Chief Economist Bob Costello, in a statement. “This is another example of how the contract freight market remains strong despite weakness in the spot market this year. During the third quarter, tonnage increased 0.5% over the second quarter while increasing 5.6% over the same period in 2021. That was the largest quarterly year-over-year increase since the second quarter of 2018.”
August’s increase was revised down slightly from our September 20 press release.
Compared with September 2021, the SA index increased 5.5%, which was the thirteenth straight year-over-year gain. In August, the index was up 6.7% from a year earlier. Year-to-date through September, compared with the same period in 2021, tonnage was up 4%.
The not-seasonally adjusted index, which represents the change in tonnage actually hauled by fleets before any seasonal adjustment, equaled 119 in September, 3.8% below the August level (123.7). 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.
The association noted that 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 the total revenue earned by all transport modes.
