Via Calculated Risk, the American Trucking Associations’ monthly freight index increased a seasonally-adjusted 1.2 per cent in June, the largest month-to-month gain in 2012.But the index for Q2 declined 0.8% from the previous quarter — the first decrease in 12 months.
“June’s increase was a pleasant surprise, but the lower year-over-year gain fits with an economy that has slowed,” ATA Chief Economist Bob Costello said. “Manufacturing output was strong in June, which helped tonnage levels.”
Costello said he’s still concerned about businesses sitting on cash instead of hiring more workers or spending it on capital, both of which would give the economy and tonnage a shot in the arm, as they are worried about Europe and the U.S. fiscal cliff at the end of the year.
The agency is lowering its tonnage outlook for 2012 to the 3% to 3.5% range due to recent economic weakness.
Here’s the chart:
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