The Freight Transportation Services Index (TSI), which is based on the amount of freight carried by the for-hire transportation industry, rose 0.7% in March from February, rising for the seventh consecutive month, according to the U.S. Department of Transportation’s Bureau of Transportation Statistics.
From March 2021 to March 2022, the index rose 3.8 percent compared to a rise of 0.5 percent from March 2020 to March 2021 and a decline of 2.2 percent from March 2019 to March 2020.
The level of for-hire freight shipments in March measured by the index (141.0) was 0.7% below the all-time high of 142.0 in August 2019. The bureau’s TSI records begin in 2000.
See also: ATA Truck Tonnage Index rises 2.4% in March
The March freight index has increased 5.1% since August 2021. The March Freight TSI is 12.5% above the pandemic low in April 2020 and has increased in 16 of the 23 months since that low. The index is 0.7% below its record level of 142.0 set in August 2019 and has increased in 15 of the 31 months since that peak. It is now at its highest point since that record level.
The TSI measures the month-to-month changes in for-hire freight shipments by mode of transportation in tons and ton-miles, which are combined into one index, according to the Bureau of Transportation Statistics. The index measures the output of the for-hire freight industry and consists of data from for-hire trucking, rail, inland waterways, pipelines, and air freight. The TSI is seasonally adjusted to remove regular seasonal movement, which enables month-to-month comparisons.
TSI joins other signs pointing to brisk economic activity
The March increase came in the context of growth for several other indicators. The Federal Reserve Board Industrial Production Index grew by 0.9% in March, reflecting increases of 0.9% in manufacturing, 0.4% in utilities, and 1.7% in mining. Housing starts were up 0.3%, and personal income rose by 0.5%.
The Institute for Supply Management Manufacturing index was down 1.5 points to 57.1, indicating slowing growth in manufacturing.
