U.S. for-hire truck tonnage slumped 1.1% in July, according to the latest data from the American Trucking Associations (ATA).
“Tonnage declined sequentially in July for only the second time during the last 12 months. Despite the dip from June, tonnage remains at elevated levels and increased significantly from a year earlier,” said ATA chief economist Bob Costello.
“While tonnage is much stronger than a year ago, the monthly gains have moderated as the year has gone on. The combination of softer consumption of goods, home construction falling and slower manufacturing activity are the main reasons.”
The tonnage index was up 5.1% compared to last July, marking the 11th straight year over year gain. Year to date, tonnage is up 3.4% compared to last year.