The American Trucking Associations' (ATA) For-Hire Truck Tonnage Index has reported a decline of 1.9% in November 2024, dropping to a value of 112.5 from 114.6 in October. This marks the second decrease since July 2024, and the index is down 1% compared to the same month last year. The not seasonally adjusted index saw a significant fall of 9.6% from October, reaching 109.6. ATA Chief Economist Bob Costello commented on the volatile freight environment, noting that despite the recent downturn, there has been a total increase of 1.1% since January 2024 [f6c2855b].
In the context of trucking activity, the ATA's previous reports indicated a positive trend, with a 1.2% increase in October 2024, marking the third consecutive rise since July. However, the recent data suggests a shift in momentum, as the industry grapples with ongoing challenges despite earlier signs of recovery [33f56f3c].
Moreover, ACT Research's For-Hire Trucking Index had reported a rise in its Volume Index to 56.9 in October, reflecting improved freight demand trends, but the latest figures indicate a more complex picture for the trucking sector [a08ce09b].
In addition to these developments, the ten largest US ports reported a 13.1% year-over-year increase in inbound volume for November 2024, highlighting strong economic activity despite the trucking index's decline. This increase in port activity contrasts with the trucking sector's struggles, showcasing the mixed signals present in the current economic landscape [734f2709].
The trucking industry, which accounts for 72.6% of domestic freight tonnage, continues to play a crucial role in the economy, having hauled 11.46 billion tons of freight in 2022 and generated $940.8 billion in revenue, representing 80.7% of total transport revenue [f6c2855b]. Despite the recent downturn in the tonnage index, there is still optimism among some carriers, with 40% expecting higher volumes in the coming months, although 15% anticipate exiting the industry altogether due to ongoing pressures [b48dc38d].
The mixed signals from the trucking and shipping sectors underscore the complexities of the current economic environment. While some indicators show growth, the decline in the tonnage index and the volatility in freight demand highlight the challenges that lie ahead for the industry [e3ca8721].