The American Trucking Associations' (ATA) For-Hire Truck Tonnage Index has shown signs of recovery, rising by 1.2% in October 2024, reaching a value of 114.6 compared to 113.3 in September. This marks the third consecutive increase since July 2024, indicating a positive shift in trucking activity. Notably, total tonnage is up 3% from a low point in January 2024, suggesting a rebound in freight demand [33f56f3c].
In June 2024, the index had experienced a decline of 1.6%, which raised concerns about the trucking industry's stability. However, the recent uptick in October, along with the second quarter average being 0.2% higher than the first quarter, reflects a more optimistic outlook for the trucking sector [e3ca8721]. The not seasonally adjusted index for October was reported at 121.3, an impressive 8.6% increase from September, further supporting the trend of recovery [33f56f3c].
The ATA calculates the tonnage index based on surveys from its membership, which has been a key indicator of the health of the trucking industry since the 1970s. Trucks account for 72.6% of the tonnage carried by all modes of domestic freight transportation, having hauled 11.46 billion tons of freight in 2022. Motor carriers generated $940.8 billion in revenue, representing 80.7% of the total revenue earned by all transport modes [e3ca8721] [33f56f3c].
Despite previous challenges such as low rates and high costs, the recent data suggests that the trucking industry is regaining momentum, which could have positive implications for the broader economy as freight demand continues to stabilize [e3ca8721].
