by Bill McBride on 1/23/2012 06:58:00 PM
Monday, January 23, 2012
The Department of Transportation (DOT) reported:
• Travel on all roads and streets changed by -0.9% (-2.1 billion vehicle miles) for November 2011 as compared with November 2010.The following graph shows the rolling 12 month total vehicle miles driven.
• Travel for the month is estimated to be 240.9 billion vehicle miles.
• Cumulative Travel for 2011 changed by -1.4% (-38.3 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 48 months - and still counting! And not just moving sideways ... the rolling 12 month total is still declining.
The second graph shows the year-over-year change from the same month in the previous year.
This is the ninth straight month with a year-over-year decline in miles driven, although this is the smallest decline for 2011.
The decline in miles driven is probably due to a combination of high gasoline prices, a sluggish economy and some changes in driving habits.
Posted by Bill McBride on 1/23/2012 06:58:00 PM