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ATA's For-Hire Truck Tonnage Index shows a 0.8% YoY dip in truck tonnage for June, despite a month-to-month rise. Freight market remains in a down cycle.
The American Trucking Associations' For-Hire Truck Tonnage Index reveals a 0.8% YoY decrease in truck tonnage for June 2023, the fourth consecutive annual drop. However, the index rose 2.1% compared to May, marking a sequential gain. ATA Chief Economist Bob Costello asserts that the freight market continues to face recession, driven by factors such as stagnant consumer spending, reduced home construction, and declining factory output. Nonetheless, the reducing magnitude of YoY declines might hint at a potential bottoming out in the freight market. Meanwhile, the Logistics Managers Index for June dropped to 45.6, indicating the sector's descent into recession. Other indicators like the DAT Truckload Volume Index suggest slower, but stabilizing industry dynamics.
Source: Transport Topics
Truck #tonnage rose 2.1% in June but remains in recession territory, as the index continues to fall from a year earlier and is off 1.9% from its recent peak in September 2022.
— American Trucking (@TRUCKINGdotORG) July 18, 2023
More analysis here👉 https://t.co/cK3Jzwih2M pic.twitter.com/AkOsaFsLjr
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