ARLINGTON, Va. — US for-hire truck tonnage has reached its lowest mark since April 2014, falling 3% in April compared to March.
Tonnage was up 1% compared to April 2014, but the year-over-year increase was well off the 4.2% y-o-y gain it posted in March.
This marks the smallest year-over-year gain since February 2013, according to the American Trucking Associations, which tracks the data. Year-to-date through April, for-hire truck tonnage was up 3.8%.
“Like most economic indicators, truck tonnage was soft in April,” said ATA chief economist Bob Costello. “Unless tonnage snaps back in May and June, GDP growth will likely be suppressed in the second quarter.”
Costello added that truck tonnage is off 5.3% from the high in January.
“The next couple of months will be telling for both truck freight and the broader economy. Any significant jump from the first quarter is looking more doubtful,” he said.