ARLINGTON, Virginia — The American Trucking Associations reported that its advanced seasonally adjusted For-Hire Truck Tonnage Index climbed 3.6% in May, reversing a 1% contraction recorded just a month prior. This upward adjustment brought the benchmark index to 115.9, using 2015 as the baseline year of 100, up significantly from April's reading of 111.9.
As the primary gauge for domestic freight movement, the trucking industry hauls 72.6% of all freight tonnage across the United States. Commercial carriers moved 11.46 billion tons of cargo in 2022, generating $940.8 billion in revenue, which accounts for 80.7% of total earnings across all domestic transportation modes. This latest metric reflects primarily contract freight operations rather than spot market transactions.
ATA Chief Economist Bob Costello noted that May represented the first month since February 2023 that tonnage expanded both sequentially and compared to the same period 12 months prior. While pre-holiday shipping ahead of Memorial Day played a clear role in the surge, analysts remain cautious about declaring a sustained turnaround for the freight economy. April's initial decline also received a slight upward revision by association statisticians, while the unadjusted baseline index surged 7.1% month-over-month to hit 120.4.
What This Means for Drivers
CDL-A drivers and independent owner-operators are closely watching these shifting freight volumes to gauge future freight rates and lane availability. A stronger contract freight index typically translates into steadier freight availability for OTR truck driver positions across major domestic corridors. Fleet operators reviewing capacity adjustments will use these numbers to plan hiring schedules and equipment investments for the upcoming shipping season.
Industry Reaction
Industry stakeholders continue to monitor macroeconomic indicators carefully as carriers navigate fluctuating diesel prices, operating overhead, and soft spot market conditions. While the 1.5% year-over-year increase offers a welcome departure from 15 consecutive months of declines, trucking companies hiring qualified personnel are tempering expectations until consecutive months of sustained volume growth materialize across regional and long-haul networks.
Key Points
- The seasonally adjusted For-Hire Truck Tonnage Index rose 3.6% in May following a 1% drop in April.
- The May index reached 115.9, up from 111.9 the previous month.
- Year-over-year tonnage increased by 1.5%, marking the first annual gain in 15 months.
- The index primarily measures contract freight rather than spot market activity.
Looking for a better trucking job? US Trucker's free job-matching service connects CDL-A drivers, OTR drivers, regional drivers, and owner-operators with 500+ top US carriers. Leave your details in the form on this page and a recruiter will call you within one business day. Trucking companies are hiring now.