by Bill McBride on 4/20/2010 08:52:00 AM
Tuesday, April 20, 2010
The Department of Transportation (DOT) reported today that vehicle miles driven in February were down from February 2009:
Travel on all roads and streets changed by -2.9%(-6.3 billion vehicle miles) for February 2010 as compared with February 2009. Travel for the month is estimated to be 212.9 billion vehicle miles.Click on graph for larger image in new window.
Cumulative Travel for 2010 changed by -2.3% (-10.1 billion vehicle miles).
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 February 2010 were down -2.9% compared to February 2009.
The second graph shows the moving 12 month total of miles driven (to remove seasonality).
The moving 12 month total peaked in November 2007. The impact on vehicle miles of the gasoline shortages in the '70s are clear - in the late '70s and early '80s, it took 40 months before vehicle miles returned to the peak of April 1979.
Blame it on the snow - except this is the 2nd month in a row with a year-over-year decline in miles driven. If vehicle miles continues to decline on a year-over-year basis, it might suggest high gasoline prices are starting to impact the economy.
Posted by Bill McBride on 4/20/2010 08:52:00 AM