Truck tonnage dipped 0.1% in July, according to the for-hire truck tonnage index compiled by the American Trucking Associations (ATA), which followed a revised 4.4% drop in June.
Compared to the same month last year, though, the index jumped up 2.3% in July, with June sporting a year-over-year index increase of 1.2%. Year-to-date, compared with the first seven months in 2016, the index is up 1.2%, ATA noted.
“July’s small increase in truck tonnage fits with other mixed economic indicators,” noted Bob Costello, ATA’s chief economist, in a statement. “Retail sales surprised to the upside, but manufacturing production and housing starts were down, so combined those likely caused a rather flat month in July for truck tonnage.”
He added that with better economic growth in the second half of 2017, truck tonnage is expected to continue increasing “at a moderate pace” on a year-over-year basis.