Truck Tonnage Index Shows a 2.1% Increase in June
🚛 Truck Tonnage Index Shows a 2.1% Increase in June.
The American Trucking Associations' For-Hire Truck Tonnage Index rose 2.1% in June, following a 1.2% increase in May. However, the index is still in recession territory compared to the previous year, showing a 0.8% decrease from June 2022. The decline in tonnage is attributed to various factors, including stagnant consumer spending, lower home construction, falling factory output, and shippers consolidating freight into fewer shipments. Despite the year-over-year declines, the magnitude of the decreases is improving, indicating a potential bottoming out in the freight market. The trucking industry is a crucial barometer of the U.S. economy, representing a significant portion of domestic freight transportation and revenue.
House lawmakers have passed the Mail Traffic Deaths Reporting Act of 2024, directing the U.S. Postal Service to create new rules for tracking crashes involving its trucking contractors.