WASHINGTON — While the American Trucking Associations’ For-Hire Truck Tonnage Index rose slightly in December 2023, the year overall saw a drop of 1.7% for the worst reading since 2020.
A report released Jan. 23 by ATA noted that the index rose 2.1% in December after falling 1.4% in November. In December, the index equaled 115.7 (2015=100) compared with 113.3 in November.
“While 2023 ended on a better note, truck tonnage remained in a recession as it continued to fall on a year-over-year basis,” said Bob Costello, chief economist for ATA.
“With that said, for-hire contract freight, which is what comprises our index, in December was 2.6% above the trough in April. For the entire year, tonnage contracted 1.7% from 2022 levels,” he continued. “This makes 2023 the worst annual reading since 2020 when the index fell 4% from 2019 — and the only year since 2020 that tonnage contracted.”
Compared with December 2022, the seasonally adjusted index fell 0.5%, the tenth straight year-over-year decrease, albeit the smallest over that period. In November, the index was down 1.6% from a year earlier.
The not seasonally adjusted index, which represents the change in tonnage actually hauled by the fleets before any seasonal adjustment, equaled 110.7 in December, 1.9% below the November’s level of 112.8. (Note: 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.
ATA calculates the tonnage index based on surveys from its membership. The data contained in this release is preliminary and subject to change in the final report, which is issued around the fifth day of each month.
Linda Garner-Bunch has been in publishing for more than 30 years. You name it, Linda has written about it. She has served as an editor for a group of national do-it-yourself publications and has coordinated the real estate section of Arkansas’ only statewide newspaper, in addition to working on a variety of niche publications ranging from bridal magazines to high-school sports previews and everything in between. She is also an experienced photographer and copy editor who enjoys telling the stories of the “Knights of the Highway,” as she calls our nation’s truck drivers.
