ARLINGTON, Va. -- US truck tonnage jumped 2.7% in November, according to the latest For-Hire Truck Tonnage Index calculated by the American Trucking Associations.
The 2.7% gain followed a 0.2% decline in October. Tonnage is down 3.5% compared to November, 2008, which was the best year-over-year showing in 12 months, the ATA reports. In October, the index was 5.2% off last year’s mark.
“Slowly, but surely, truck freight has started the recovery process and November’s solid increase is a very positive sign,” said ATA chief economist, Bob Costello, adding the improvement was due to a recovering US economy and an inventory correction that is near completion. “Truck freight had been hurt by both slow economic output and bloated inventories; however, we now have evidence that the inventories are in much better shape, which will not be such a drag on truck freight volumes.”
As always, however, Costello urged caution going forward.
“While the economy and trucking is improving, the industry should not get overly excited about the sizeable increase in November,” he said. “I continue to believe that both the economy and truck tonnage will exhibit starts and stops in the months ahead, but the general trend should be for moderate growth.”