Trucking activity experienced a decline in November following a rise in October, indicating ongoing volatility in the freight sector, according to the American Trucking Associations (ATA).
The ATA’s For-Hire Truck Tonnage Index saw a reduction of 1.8%, dropping to 112.5 in November from October’s 114.6. Year-over-year, the index has fallen by 1% from November 2023.
“The frustratingly choppy freight environment continued in November,” ATA Chief Economist Bob Costello said. “Since hitting a low in January of this year, tonnage is up a total of 1.1%, but the path has been fraught with nice gains one month only to come back down the next. The good news is that the overall trend this year is up, albeit at a slow rate.”
Without seasonal adjustments, the unaltered tonnage index witnessed a more significant fall of 9.6%, settling at 109.6 in November from the previous month.
This decrease came after an adjusted increase of 1.2% in October.
The tonnage index, as calculated by the ATA, is derived from surveys conducted among its members and primarily reflects contract freight, as opposed to spot market freight. It uses the year 2015 as its base measurement period, with an index value of 100.
Looking ahead, industry experts are cautiously optimistic about a gradual recovery in freight conditions extending into 2025, anticipating adjustments in the market’s demand and capacity dynamics. Despite potential uncertainties linked to economic elements like trade policy shifts, there is a moderate expectation of improvement in the freight sector, especially post the first quarter of the upcoming year.
