Trucking news and briefs for Wednesday, Jan. 24, 2024:
ATA's seasonally-adjusted Truck Tonnage Index showed a 2.1% increase in freight hauled in December, but tonnage was down annually 1.7% from 2022.ATA
While it may come as no surprise to many owner-operators and small fleets who lived it through the last year, the calculators have made it official: Trucks hauled less freight in 2023 than in 2022, according to the American Trucking Associations’ For-Hire Truck Tonnage Index.
The seasonally-adjusted index showed a 2.1% increase in tonnage hauled in December over November, with the index reading 115.7 compared to 113.3 in November. ATA Chief Economist Bob Costello noted, however, that tonnage remained in a recession for the year despite the stronger finish.
“For-hire contract freight, which is what comprises our index, in December was 2.6% above the trough in April,” Costello said. “For the entire year, tonnage contracted 1.7% from 2022 levels. This makes 2023 the worst annual reading since 2020 when the index fell 4% from 2019, and the only year since 2020 that tonnage contracted."
Compared with December 2022, the index fell 0.5%, which was the 10th straight year-over-year decrease, albeit the smallest over that period. In November, the index was down 1.6% from a year earlier.
The not seasonally adjusted index, which represents the change in tonnage actually hauled by fleets, equaled 110.7 in December, 1.9% below the November's level (112.8). In calculating the index, 100 represents 2015. ATA's For-Hire Truck Tonnage Index is dominated by contract freight as opposed to spot market freight.
