by Bill McBride on 3/22/2010 09:45:00 AM
Monday, March 22, 2010
Yesterday we discussed the impact of high oil prices on vehicle miles driven.
And today the Department of Transportation (DOT) reported that vehicle miles driven in January were down from January 2009:
Travel on all roads and streets changed by -1.6% (-3.7 billion vehicle miles) for January 2010 as compared with January 2009. Travel for the month is estimated to be 222.8 billion vehicle miles.Click on graph for larger image in new window.
This graph shows the percent change from the same month of the previous year as reported by the DOT.
As the DOT noted, miles driven in January 2010 were down -1.6% compared to January 2009, and miles driven have declined 2.9% compared to January 2008, and are down 4.7% compared to January 2007. This is a multi-year decline, and miles driven appear to be falling again.
Posted by Bill McBride on 3/22/2010 09:45:00 AM