AAA Daily Fuel Gauge Report for Friday, 12/29/23

American Dollar to Canadian Dollar = 0.730441; American Dollar to Chinese Yuan = 0.137735; American Dollar to Euro = 1.068884; American Dollar to Japanese Yen = 0.006294; American Dollar to Mexican Peso = 0.054732.

Trucking activity in the United States slipped again in April as the freight market remained choppy early in the second quarter. Specifically, truck freight tonnage decreased 0.3% after contracting 1.5% in March, according to the American Trucking Associations’ advanced seasonally adjusted For-Hire Truck Tonnage Index. “After surging 2.8% in February, and hitting the highest level since late May 2024, tonnage fell a combined 1.8% in March and April,” said ATA Chief Economist Bob Costello. “Unfortunately, a recovery that was expected this year hasn’t transpired as the industry deals with a freight market in flux from tariffs and softening economic indicators.” In April, the ATA advanced seasonally adjusted For-Hire Truck Tonnage Index equaled 113.0, down from 113.3 in March. The index, which is based on 2015 as 100, was up 0.1% from the same month last year, the fourth straight year-over-year increase, albeit the smallest increase over this period.

“After a scant 0.1% decline in January, which wasn’t bad considering the harsh winter weather and California wildfires, truck tonnage had a robust gain in February” said ATA Chief Economist Bob Costello. “This outcome fits well with our growing optimism for the truck freight market after a two-year recession. Some of the gain in February was due to accelerated imports early in the year as shippers rushed to bring products into the U.S. before tariffs hit. Even accounting for this, the first two months of the year were positive, all things considered, indicating that the freight recovery has indeed begun.” In February, the ATA advanced seasonally adjusted For-Hire Truck Tonnage Index equaled 115.2, up from 111.9 in January. The index, which is based on 2015 as 100, was up 0.6% from the same month last year, the second straight year-over-year increase, which hasn’t happened since early 2023. The not seasonally adjusted index, which calculates raw changes in tonnage hauled, equaled 104.8 in February, 4.7% below January’s reading of 110.0.