Truck Tonnage Index Fell 1.1% in September
Year-over-Year Largest Drop since Height of Pandemic
If you think you’re operating in a tougher environment than you’ve seen in years, you are correct! In September, American Trucking Associations’ advanced seasonally adjusted (SA) For-Hire Truck Tonnage Index decreased 1.1% after rising 0.2% in August. After hitting what economists said was a bottom in April, tonnage had increased in three of the previous four months, gaining a total of 2.2% before September’s drop. The drop in tonnage erased half of the gains realized since April. Even worse, compared with September 2022, the SA index fell 4.1%, which was the seventh straight year-over-year decrease and the largest over that period. In August, the index was down 2.4% from a year earlier.
“The bottom has been hit in truck freight tonnage,” said ATA Chief Economist Bob Costello. “However, there could still be choppy waters ahead as the freight market remains volatile,” he said. It should also be noted that ATA’s index is dominated by contract freight as opposed to spot market freight.
ATA has been calculating the tonnage index since the 1970s, based on surveys from its membership. 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.
Several lawsuits were filed challenging the U.S. Department of Labor’s (DOL) independent contractor (IC) regulation enacted by the Biden Administration and the DOL’s Acting Labor Secretary Julie Su in early 2024.
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ICSA representatives attended the TCA Truckload event, the preeminent event hosted by the Truckload Carriers Association, held in our hometown of Phoenix, AZ. We also attended the Mid-America Trucking Show (MATS), the largest trucking show in North America, held in Louisville, KY.