American Trucking Associations' advanced seasonally adjusted (SA) For-Hire Truck Tonnage Index fell 1.1 percent in July after rising 0.5 percent in June. In July, the index equaled 116.2 (2015=100) versus 117.5 in June.

“Tonnage declined sequentially in July for only the second time during the last 12 months. Despite the dip from June, tonnage remains at elevated levels and increased significantly from a year earlier,” said ATA Chief Economist Bob Costello. "While tonnage is much stronger than a year ago, the monthly gains have moderated as the year has gone on. The combination of softer consumption of goods, home construction falling and slower manufacturing activity are the main reasons."

June's increase was revised down from the July 19 press release.

Compared with July 2021, the SA index increased 5.1 percent, which was the 11th straight year-over-year gain. In June, the index was up 5.6 percent from a year earlier. Year-to-date, compared with the same period in 2021, tonnage was up 3.4 percent.

The not seasonally adjusted index, which represents the change in tonnage actually hauled by fleets before any seasonal adjustment, equaled 115.5 in July, 5.2 percent below the June level (121.9). In calculating the index, 100 represents 2015. ATA's For-Hire Truck Tonnage Index is dominated by contract freight as opposed to spot market freight.