US for-hire truck tonnage jumped 2.7% in November, achieving a new record high.
The American Trucking Associations’ for-hire truck tonnage index was up 8.1% year-over-year in November. Year-to-date, tonnage is up 5.8%, the ATA reports.
The strong November gains followed a loss of 1.9% in October, revised down from the 2.8% decline originally reported.
“Tonnage snapped back in November, which fits with several other economic indicators,” said ATA chief economist Bob Costello. “Assuming that December isn’t weak, tonnage growth this year will be more than twice the gain in 2012.”
Tonnage gained 2.3% in 2012. Costello said tonnage has accelerated in the second half of the year, indicating the economy may be stronger than some might believe.
“Still, truck tonnage continues to be supported by fast growing sectors of the economy that generate heavy freight loads, like residential construction, fracking for oil and natural gas, and auto production,” Costello said.