American Trucking Associations’ advanced seasonally adjusted (SA) For-Hire Truck Tonnage Index rose 2.1 percent in June after increasing 1.2 percent in May. In June, the index equaled 116.5 (2015=100) compared with 114.1 in May.

“While the tonnage index increased in both May and June, it remains in recession territory,” said ATA Chief Economist Bob Costello. “The index continues to fall from a year earlier and is off 1.9 percent from its recent peak in September 2022. A multitude of factors have caused a recession in freight, including stagnant consumer spending on goods, lower home construction, falling factory output, and shippers consolidating freight into fewer shipments compared with the frenzy during the goods buying spree at the height of the pandemic. However, the magnitude of the year-over-year declines is improving, perhaps pointing to a bottom in the freight market.”

May’s increase was revised lower from its June 20 press release.

Compared with June 2022, the SA index decreased 0.8 percent, which was the fourth straight year-over-year decrease. In May, the index was down 2.4 percent from a year earlier.

The not seasonally adjusted index, which represents the change in tonnage actually hauled by the fleets before any seasonal adjustment, equaled 120.8 in June, 1.8 percent above the May level (118.7). 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.

Trucking serves as a barometer of the U.S. economy, representing 72.6 percent of tonnage carried by all modes of domestic freight transportation, including manufactured and retail goods. Trucks hauled 11.46 billion tons of freight in 2022. Motor carriers collected $940.8 billion, or 80.7 percent of total revenue earned by all transport modes.