American Trucking Associations' advanced seasonally adjusted (SA) For-Hire Truck Tonnage Index declined 0.3 percent in October after rising 1 percent in September. In October, the index equaled 118.1 compared with 118.5 in September.

"October's tonnage change, both sequentially and year-over-year, fits with an economic outlook for more moderate growth in the fourth quarter," said ATA Chief Economist Bob Costello. "The ongoing slowdown in manufacturing activity also weighed on truck tonnage last month."

It is important to note that ATA's tonnage data is dominated by contract freight, which is performing significantly better than the plunge in spot market freight this year. September's reading was revised up compared with our October press release.

Compared with October 2018, the SA index increased 1.7 percent, the smallest year-over-year gain since June. The index is up 3.9 personally year-to-date compared with the same period last year.

The not seasonally adjusted index, which represents the change in tonnage actually hauled by the fleets before any seasonal adjustment, equaled 125.4 in October, 8.4 percent above the September level (115.7). In calculating the index, 100 represents 2015.

Trucking serves as a barometer of the U.S. economy, representing 70.2 percent of tonnage carried by all modes of domestic freight transportation, including manufactured and retail goods. Trucks hauled 10.77 billion tons of freight in 2017. Motor carriers collected $700.1 billion, or 79.3 percent, of total revenue earned by all transport modes.