US truck tonnage soft in June on elevated inventory-to-sales ratios
WASHINGTON, D.C. — US for-hire truck tonnage slid 0.5% in June, following a revised gain of 0.8% in May, according to the latest data from the American Trucking Associations.
The index was up 1.8% compared to June 2014, greater than the 1.5% year-over-year gain posted in May. Year-to-date through June, US for-hire truck tonnage was up 3.4% over the same period in 2014.
“With flat factory output and falling retail sales, I’m not surprised tonnage was soft in June,” said ATA chief economist Bob Costello. “I also remain concerned over the elevated inventory-to-sales ratio for retailers, wholesalers, and manufacturers, which suggests soft tonnage in the months ahead until the ratio falls. I remain hopeful that the inventory correction will transpire this summer. When the correction ends, truck freight – helped by better personal consumption – will accelerate.”
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