The Summer Trucking Report released from TAB Bank is showing broad signs of growth according to monthly truck tonnage, fuel costs, perceived business conditions, and invoice size. Historically, trends in trucking and transportation serve as good indicators of the greater economy. The TAB Bank Summer Trucking Report Infographic can be downloaded by clicking here.
TAB Bank Summer Trucking Report Highlights
- The price of diesel fuel has dropped from about $4.15/gallon to about $4.00 from March to May 2012.
- Monthly truck tonnage has increased 6.2% from March to April and 6.8% over April 2011.
- Business conditions have improved in all categories, based on six questions that include data like recent freight rates, to fleet size, and number of employees.
- TAB's Core 25 Index increased revenue 13.7% between January and May 2012.
- Collections of unpaid invoices for TAB's Core 25 improved from 29.7 days to 28.9 days.
"Overall, we're seeing the trucking industry trending up, where overall business conditions are improving, business owners are feeling increasingly optimistic, and TAB Bank is funding more receivables than we have over the past 12-18 months. This is great news for the overall U.S. economy, because as trucks transport more products, it represents a leading indicator of greater demand," said Eric Myers, TAB Bank Vice President of Marketing.
TAB Bank releases a Trucking Report quarterly, and those interested can subscribe by clicking here.
TAB Bank has assets in excess of $900 million through a variety of financial products including: capital equipment lease financing, accounts receivable financing, asset-based lending, lines of credit, equipment loans, business accounts, and commercial banking services. TAB Bank provides working capital solutions to small- and medium-sized commercial businesses across a wide range of industries. TAB provides these solutions in all stages of a company's business life cycle no matter the economic climate.