by Bill McBride on 12/27/2011 02:55:00 PM
Tuesday, December 27, 2011
The Department of Transportation (DOT) reported:
• Travel on all roads and streets changed by -2.3% (-6.0 billion vehicle miles) for October 2011 as compared with October 2010.The following graph shows the rolling 12 month total vehicle miles driven.
• Travel for the month is estimated to be 254.0 billion vehicle miles.
• Cumulative Travel for 2011 changed by -1.4% (-36.0 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 47 months - so this is a new record for longest period below the previous peak - and still counting! And not just moving sideways ... the rolling 12 months is declining.
The second graph shows the year-over-year change from the same month in the previous year.
This is the eight straight month with a year-over-year decline in miles driven.
This decline is probably due to high gasoline prices and the sluggish economy. Maybe habits are changing ...
Posted by Bill McBride on 12/27/2011 02:55:00 PM