by Bill McBride on 12/20/2010 11:28:00 AM
Monday, December 20, 2010
The Department of Transportation (DOT) reported that vehicle miles driven in October were up 1.9% compared to October 2009:
Travel on all roads and streets changed by +1.9% (4.9 billion vehicle miles) for October 2010 as compared with October 2009. Travel for the month is estimated to be 259.5 billion vehicle miles.Click on graph for larger image in new window.
Cumulative Travel for 2010 changed by +0.6% (16.0 billion vehicle miles).
This graph shows the rolling 12 month total vehicle miles driven.
On a rolling 12 month basis, vehicle miles driven have only increased 1.2% from the bottom of the recession.
Miles driven are still 1.4% below the peak in 2007. This is another indicator of a sluggish recovery.
Note: in the early '80s, miles driven (rolling 12 months) stayed below the previous peak for 39 months. Currently miles driven has been below the previous peak for 35 months - another record that will be broken soon.
Posted by Bill McBride on 12/20/2010 11:28:00 AM