The American Trucking Associations advanced seasonally adjusted (SA) For-Hire Truck Tonnage Index increased 0.6% in March 2014 after jumping 1.9% the previous month.
February’s gain was less than the 2.8% reported March 18, 2014. In March, the index equaled 127.3 (2000=100) versus 126.5 in February. The all-time high was in November 2013 (131.0).
Compared with March 2013, the SA index climbed 3.1%, which is the largest year-over-year gain of 2014. During the first quarter, tonnage plunged 2.5% from the previous quarter, which was the worst quarter-to-quarter reading since the economic recovery began in the third quarter of 2009. Compared with the first quarter of 2013, tonnage rose 2.3%.
The not seasonally adjusted index, which represents the change in tonnage actually hauled by the fleets before any seasonal adjustment, equaled 129.4 in March 2014, which was 12.1% above the previous month (115.5).
“Tonnage continued to claw its way out of the hole that was dug in December and January,” said Bob Costello, ATA chief economist. “However, with a cumulative gain of 2.5% during the last two months, we still have a way to go to offset the total loss of 5.2% in December and January.
“Despite the fact that tonnage hasn’t snapped back to the levels we saw late last year, the fundamentals for truck freight continue to look good,” he said. “While it will take time to regain what was lost due to weather and other factors, like a potential inventory correction in the first quarter, I remain optimistic for 2014. However, don’t expect a 6.3% annual gain in truck tonnage like during 2013.”
Trucking serves as a barometer of the US economy, representing 68.5% of tonnage carried by all modes of domestic freight transportation, including manufactured and retail goods. Trucks hauled 9.4 billion tons of freight in 2012. Motor carriers collected $642.1 billion, or 80.7% of total revenue earned by all transport modes.