Domestic truck tonnage climbed 1.9 percent in July compared with the previous month after a revised 0.5 percent decline in June, according to the latest reading of the American Trucking Associations’ (ATA) advanced seasonally adjusted For-Hire Truck Tonnage Index.
The index equaled 115 for the month, up 8.6 percent compared with July 2017 and the 7.7 percent year-over-year growth rate seen in June and 7.4 percent bump in May, but still down slightly from April’s 9.9 percent year-over-year increase.
The April growth followed two months of sequential declines, but represented the largest year-over-year increase in the index since October 2017.
Through the first seven months of 2018, domestic truck volumes have now grown 8 percent compared with the same 2017 period, more than double the annual growth rate of 3.8 percent seen for all of 2017.
The ATA’s not seasonally adjusted index, which represents the change in tonnage actually hauled by the fleets before any seasonal adjustment, equaled 114.6 in July, down 1.2 percent from the previous month’s reading of 116.1.
According to ATA Chief Economist Bob Costello, both the sequential and year-over-year increases were the largest in three months.
“Truck freight remained very strong in July when accounting for normal seasonality,” he said. “This robust growth stems from solid manufacturing, retail sales and construction activity. The industry’s biggest challenge isn’t finding enough freight, but recruiting and retaining quality drivers.”