by Bill McBride on 9/23/2011 05:15:00 PM
Friday, September 23, 2011
The Department of Transportation (DOT) reported today:
Travel on all roads and streets changed by -2.5% (-6.7 billion vehicle miles) for July 2011 as compared with July 2010. Travel for the month is estimated to be 261.8 billion vehicle miles.The following graph shows the rolling 12 month total vehicle miles driven.
Cumulative Travel for 2011 changed by -1.2% (-21.5 billion vehicle miles).
Click on graph for larger image in graph gallery.
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 44 months - so this is a new record for longest period below the previous peak - and still counting!
The second graph shows the year-over-year change from the same month in the previous year. The current decline is not as a severe as in 2008, but this is significant.
With the slowdown at the end of July and in August, miles driven will probably decline further in August.
Posted by Bill McBride on 9/23/2011 05:15:00 PM