American Trucking Associations’ advanced seasonally adjusted (SA) For-Hire Truck Tonnage Index increased 3.7% in November after falling 5% in October. In November, the index equaled 112.2 (2015=100) compared with 108.3 in October. “The 2020 seesaw pattern continued in November as typical seasonality is not holding this year,” said ATA Chief Economist Bob Costello. “It was a nice gain, but the rebound was not enough to make up for October’s drop. Robust retail freight, helped by consumer spending, especially e-commerce, and very lean inventories helped truck tonnage last month. Strong single-family housing starts are also aiding freight tonnage, but lackluster restaurant, manufacturing and energy sectors remain a drag. I expect these softer industries to benefit from widespread COVID-19 vaccinations in 2021.” October’s decrease was revised up to 5% from our November 24 press release.

American Trucking Associations’ advanced seasonally adjusted (SA) For-Hire Truck Tonnage Index decreased 1.5% in June after falling 1% in May. In June, the index equaled 111.6 (2015=100) compared with 113.3 in May. “Tonnage has definitely flattened out, on average, over the last six to nine months,” said ATA Chief Economist Bob Costello. “The good news is that it remains slightly above 2020 levels. “Supply chain issues are likely putting some downward pressure on tonnage,” he said. “But it is also likely that tonnage isn’t growing as much as it could because of industry-specific supply constraints. This index is dominated by contract freight, and the for-hire truckload carriers have seen their tractor counts fall because they are having difficulty finding qualified drivers. It is difficult to move more tonnage with less equipment, which is why we are seeing strong volumes in the spot market as shippers scramble to get loads moved.”

National Average Price for Regular Unleaded Current: $3.572; Month Ago: $3.335; Year Ago: $2.678. National Average Price for Diesel Current: $3.979; Month Ago: $3.678; Year Ago: $2.889.