by Bill McBride on 8/22/2014 02:01:00 PM
Friday, August 22, 2014
Here is a minor indicator that I follow, from ATA: ATA Truck Tonnage Index Increased 1.3% in July
American Trucking Associations’ advanced seasonally adjusted For-Hire Truck Tonnage Index rose 1.3% in July, following a decrease of 0.8% the previous month. In July, the index equaled 130.2 (2000=100) versus 128.6 in June. The index is off just 0.6% from the all-time high in November 2013 (131.0).Click on graph for larger image.
Compared with July 2013, the SA index increased 3.6%, up from June’s 2.3% year-over-year gain. The latest year-over-year increase was the largest in three months. ...
“After a surprising decrease in June, tonnage really snapped back in July,” said ATA Chief Economist Bob Costello. “This gain fits more with the anecdotal reports we are hearing from motor carriers that freight volumes are good.”
Costello added that tonnage is up 4.9% since hitting a recent low in January.
“The solid tonnage number in July fits with the strong factory output reading and a jump in housing starts for the same month,” he said. “I continue to expect moderate, but good, tonnage growth for the rest of the year.”
Here is a long term graph that shows ATA's For-Hire Truck Tonnage index.
The dashed line is the current level of the index.
The index is now up 3.6% year-over-year.
Posted by Bill McBride on 8/22/2014 02:01:00 PM