Truck tonnage growth decelerated toward the end of 2015 and could slow further in coming months because of inventory overhang, according to the American Trucking Associations.
American Trucking Associations’ advanced seasonally adjusted For-Hire Truck Tonnage Index increased 1 percent in December, following a decrease of 0.9 percent during November.
In December, the index equaled 135.6, up from 134.3 in November, and 0.1 percent below the all-time high of 135.8 reached in January 2015.
Compared with December 2014, the index increased 1.1 percent, which was better than November’s 0.2 percent year-over-year gain. For all of 2015, tonnage was up 2.6 percent compared with the previous year.
The not seasonally adjusted index, which represents the change in tonnage actually hauled by the fleets before any seasonal adjustment, equaled 132.7 in December, which was 2.9 percent above the previous month.
“Tonnage ended 2015 on a strong note, but it was not strong for the year as a whole,” ATA Chief Economist Bob Costello said. “With year-over-year gains averaging just 1.2 percent over the last four months, there was a clear deceleration in truck tonnage.”
Costello expressed concern about high levels of inventories having a negative impact on truck freight volumes over the next few months. The high inventories will override any strength from consumer spending and housing when it comes to goods movement, he said.
ATA calculates the tonnage index based on surveys from its membership. A final report with more complete data is due out soon.
ATA: Trucking economy grew 1% in December
