The American Trucking Associations' (ATA) For-Hire Truck Tonnage Index has reported a contraction of 1.1% in December 2024, marking the second consecutive monthly decrease following a 1.9% drop in November. The index fell to 111.3 in December from 112.6 in November, and it is now 3.2% lower than the same month last year. The not seasonally adjusted index also experienced a decline, reaching 108.8, which is a 0.9% decrease from November [e4bc8978].
This recent downturn in trucking activity reflects ongoing challenges within the industry, as ATA Chief Economist Bob Costello pointed to sluggish factory output and limited fleet growth among private carriers as contributing factors to the decline [e4bc8978]. The trucking sector, which accounts for 72.6% of domestic freight transport, continues to be a vital component of the economy, having transported 11.46 billion tons of freight in 2022 and generating $940.8 billion in revenue [f6c2855b].
In the previous months, the ATA had reported a mixed performance in trucking activity, with a 1.2% increase in October 2024, which was seen as a recovery from earlier declines. However, the subsequent decreases in November and December suggest a more complex and volatile freight environment [33f56f3c].
Additionally, while the ACT Research's For-Hire Trucking Index indicated a rise in freight demand in October, the latest figures from the ATA highlight a contrasting trend, underscoring the challenges faced by the trucking industry [a08ce09b].
Despite the downturn, some optimism remains among carriers, with 40% expecting higher volumes in the coming months, although 15% anticipate leaving the industry due to ongoing pressures [b48dc38d]. The mixed signals from the trucking and shipping sectors illustrate the complexities of the current economic landscape, where strong port activity contrasts with the decline in trucking tonnage [734f2709].