If consumer spending serves as the barometer of economic health, then freight volume might well represent the economy's "capillaries." The latest data from the American Trucking Associations (ATA) reveals that the seasonally adjusted Truck Tonnage Index reached 117.1 in January, marking a 0.7% increase from December 2022. This constitutes the second consecutive month of growth, following a 1% month-over-month rise in December.
The index, benchmarked to 2015 (2015=100), indicates that January's freight volume exceeded the same period in 2015 by 17.1%. While the 0.7% growth might appear modest, its significance becomes clearer when considering that early-year periods typically represent slower seasons for freight transportation. This upward trend may signal a gradual recovery in US economic activity.
However, analysts caution that single-month data cannot fully predict annual trends. The coming months' performance will provide more definitive insights into the actual state of the US economy. As a key leading economic indicator, truck freight volume remains an important metric for economic observers.