American Trucking Associations’ advanced seasonally adjusted (SA) For-Hire Truck Tonnage Index increased 2.4% in September after rising 0.3% in August. In September, the index equaled 112.9 (2015=100) compared with 110.2 in August. “September’s sequential gain was the largest in 2021,” said ATA Chief Economist Bob Costello. “It is good that tonnage rose in September, but it is important to note that this is happening because each truck is hauling more, not from an increase in the amount of equipment operated as contract carriers in the for-hire truckload market continue to shrink from the lack of new trucks and drivers. “The drivers of truck freight, including retail, construction, and manufacturing, plus a surge in imports, are helping keep demand high for trucking services,” he said.

“For the first time since March and April truck tonnage contracted for two consecutive months,” said ATA Chief Economist Bob Costello. “Tonnage fell 1.8% in November, bringing the two-month total decrease to 2.9%, pushing tonnage to its lowest level since January 2024. Sluggishness in factory output continues to weigh on freight volumes, but another drag on the index has been fleet growth at private carriers, which is holding back how much freight is flowing to for-hire carriers.” In December, the ATA advanced seasonally adjusted For-Hire Truck Tonnage Index equaled 111.3 compared with 112.6 in November. The index, which is based on 2015 as 100, was down 3.2% from the same month last year. The not seasonally adjusted index, which calculates raw changes in tonnage hauled, equaled 108.8 in December, 0.9% below November. The seasonally adjusted decrease follows a sequential 1.8% drop in November, which was revised up from the December 24 press release.

Futures were little changed in New York after rising 0.4 percent on Wednesday. The American Petroleum Institute estimates stocks fell by 5.12 million barrels last week, a steeper drop than the 3.15 million forecast in a Bloomberg survey before Energy Information Administration data due Thursday. OPEC’s outlook for rival supply expanded once again, the group said in its monthly report, becoming the latest agency to boost its estimates for American production. Oil is extending its run after two consecutive annual gains as the Organization of Petroleum Exporting Countries and allies including Russia curb supplies. While the cuts are gradually shrinking a global surplus, OPEC said rising prices are boosting production in North America. The International Energy Agency, which releases its monthly report on Friday, may also increase its estimates for U.S. output, said Executive Director Fatih Birol. Click Read More below for additional information.