Tonnage Index Up, But Demand Remains Soft

Truck tonnage continued to crawl out of the cellar in October, although demand remains soft overall, according to one report.

For-hire tonnage rose 1.1 percent in October to 115.2, according to the American Trucking Associations’ For-Hire Truck Tonnage Index. While this is an improvement on September’s reading of 113.9, it’s still more than 2 percent lower than October 2022’s result of 116.3.

“After hitting a floor in April, tonnage has slowly and inconsistently improved, but remains 3 percent below its recent peak in September 2022,” ATA Chief Economist Bob Costello said in a release. “Despite the monthly gain, truck freight remains soft as it continues to contract on a year-over-year basis.”

He added that the spot market currently “remains much weaker than contract tonnage.”