by Bill McBride on 10/24/2011 02:22:00 PM
Monday, October 24, 2011
The Department of Transportation (DOT) reported today:
•Travel on all roads and streets changed by -1.7% (-4.6 billion vehicle miles) for August 2011 as compared with August 2010.The following graph shows the rolling 12 month total vehicle miles driven.
•Travel for the month is estimated to be 263.0 billion vehicle miles.
•Cumulative Travel for 2011 changed by -1.3% (-26.0 billion vehicle miles).
Click on graph for larger image.
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 45 months - so this is a new record for longest period below the previous peak - and still counting! Talk about moving sideways ...
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.
It appears the slowdown at the end of July and in August impacted miles driven, and perhaps miles driven will increase in September.
Posted by Bill McBride on 10/24/2011 02:22:00 PM