Truck Tonnage Sets Record in November
American Trucking Associations said truck tonnage soared to another record last month, rising 4.4% on the strength of solid support from the retail and manufacturing sectors.
The trade group’s advanced seasonally adjusted for-hire index rose to 136.8, posting a 3.5% increase on a month-to-month basis. The previous record was 132.6, which was set in August and matched in September.
The 4.4% rise over November 2013 was the second-strongest month of the year, trailing the 4.5% pace in October.
“Clearly, the economy is doing well with tonnage on such a robust trend-line,” ATA Chief Economist Bob Costello said. “With strong readings for both retail sales and factory output in November, I’m not surprised that tonnage increased as well. However, the strength in tonnage did surprise to the upside.”
Retail sales hit an eight-month high last month, rising 0.7% over October. On the same basis, factory output jumped 1.1%.
With one month to go, tonnage is running 3.3% ahead of the 2013 pace despite weather-related weakness earlier this year. The index has risen 6.4% in the past five months to erase the earlier decline, ATA said.
The index, too, is on pace to top the previous quarterly record that was set in the third quarter.
The trade group also said its not seasonally adjusted index, measuring actual freight amounts carried, was 125.8 in November, or 10.5% below the October reading of 140.5.
