ALEXANDRIA, VA — American Trucking Associations’ (ATA) advanced seasonally adjusted for-hire Truck Tonnage Index decreased 3.3 percent in March, corresponding with the modest economic slowdown that has appeared in other economic data in recent months.
On a seasonally adjusted basis, the tonnage index fell to 111.3, following a revised 2.9 percent drop in February. The index was 0.4 percent lower than a year earlier, its first year-over-year decrease since November 2001. On a not-seasonally adjusted basis, the tonnage index increased 12.1 percent from February.
ATA Chief Economist Bob Costello said tonnage volumes slipped slightly as consumer spending decelerated and as higher energy costs weighed modestly on economic growth. He projected that the economy and tonnage would grow between 3 percent and 3.5 percent this year.
“This is no time for panic,” Costello said. “We anticipated there would be a slowdown because the economy isn’t growing as robustly. It would be difficult for freight volumes to grow significantly faster than the economy. Our projected growth for this year will translate into solid expansion for the industry.”
Year-to-date, tonnage increased 3.9 percent, compared with a year earlier. The truck tonnage index increased 5.7 percent in 2004.
Trucking serves as a barometer of the U.S. economy because it represents nearly 70 percent of tonnage carried by all modes of domestic freight transportation, including manufactured and retail goods, according to ATA.
Trucks hauled 9.1 billion tons of freight in 2003. Motor carriers collected $610 billion dollars, or 86.9 percent of total revenues earned by all transport modes.
ATA calculates the tonnage index based on surveys from its membership and has been doing so since the 1970s. This is a preliminary figure and subject to change in the final report issued around the seventh day of the every month. The report includes month-to-month and year-over-year results, relevant economic comparisons, and key financial indicators.
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