ATA: Truck tonnage index slips again in July

The seasonally adjusted For-Hire Truck Tonnage Index equaled 134.3 for the month, down 2.1 percent from June but up 0.3 percent compared with July 2015, following a 1.6 percent decrease the previous month, according to the American Trucking Associations.    Domestic truck tonnage fell 2.1 percent in July 2016 from the previous month, following a revised decrease of 1.6 percent during June, according to the American Trucking Association’s (ATA) advanced seasonally adjusted For-Hire Truck Tonnage Index.
   The seasonally adjusted index equaled 134.3 for the month, up 0.3 percent compared with July 2015, down from a 2.1 percent increase in June and the smallest year-over-year gain in 2016. ATA noted the all-time high index reading was 144 in February.
   Through the first seven months of the year, tonnage has increased 3.2 percent compared with the same 2015 period.
   The not seasonally adjusted index, which represents the change in tonnage hauled by fleets prior to any seasonal adjustment, equaled 138.2 in July, down 2.7 percent from 142 the previous month.
   “On a monthly basis, tonnage has decreased in four of the last five months and stood at the lowest level since October during July,” ATA Chief Economist Bob Costello said in a statement. “This prolonged softness is consistent with a supply chain that is clearing out elevated inventories.
   “Looking ahead, expect a softer and uneven truck freight environment until the inventory correction is complete,” he added. “With moderate economic growth expected, truck freight will improve the further along the inventory cycle we progress.”