US truck tonnage jumps in May
WASHINGTON, D.C. — US for-hire truck tonnage increased 2.7% in May, following two consecutive monthly decreases, according to the latest American Trucking Associations’ seasonally-adjusted For-Hire Truck Tonnage Index.
Tonnage rose 5.7% year-over-year. Year-to-date compared to the same period in 2016, tonnage is up 4%.
ATA chief economist Bob Costello said he expects to see more choppiness in the months ahead.
“Following two consecutive decreases totaling 6%, May was a nice increase in truck tonnage,” Costello said. “Better consumer spending in April and May certainly helped, but economic growth remains mixed and I’d expect the recent choppy pattern in tonnage to continue for the next quarter or two. We recently received good news on the inventory cycle, with the total business inventory-to-sales ratio declining for the first time in nearly a year. While one month doesn’t make a trend, this was good news for the trucking industry.”
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