Truck tonnage sees first monthly loss since beginning of pandemic
U.S. for-hire truck tonnage fell 2.3% in October, marking its largest monthly loss since the beginning of the pandemic, according to the American Trucking Associations (ATA).
This comes on the heels of a 0.8% increase in September.
“The decrease fits with the anecdotal reports of a muted fall freight season,” said ATA chief economist Bob Costello. “It also coincides with a slowing economy. Housing is a weak spot in freight in addition to a slowing in personal consumption of goods. While factory related freight is holding up better than other areas, it is also decelerating.”
The tonnage index was up 2.8% year over year, marking the 14th consecutive month of YoY gains, but the smallest since April. Year-to-date through October, tonnage was up 3.9%.
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