by Bill McBride on 5/23/2008 04:31:00 PM
Friday, May 23, 2008
Graph of 12 month rolling total U.S. vehicle miles added:
Click on graph for larger image.
From the Department of Transportation: Eleven Billion Fewer Vehicle Miles Traveled in March 2008 Over Previous March
Americans drove less in March 2008, continuing a trend that began last November, according to estimates released today from the Federal Highway Administration.It appears that prices are finally impacting demand in the U.S.
The FHWA’s “Traffic Volume Trends” report, produced monthly since 1942, shows that estimated vehicle miles traveled (VMT) on all U.S. public roads for March 2008 fell 4.3 percent as compared with March 2007 travel. This is the first time estimated March travel on public roads fell since 1979. At 11 billion miles less in March 2008 than in the previous March, this is the sharpest yearly drop for any month in FHWA history.
Posted by Bill McBride on 5/23/2008 04:31:00 PM