The trucking industry didn't get the recession memo yet. The ATA's For-Hire Truck Tonnage Index increased 2.7% in June after rising 0.3% in May. In June, the index equaled 120.1, rebounding almost back to its pre-pandemic record high.
Trucking is a good coincident indicator of the economy, representing 72.5% of tonnage carried by all modes of domestic freight transportation, including manufactured and retail goods.
Despite some unintended inventory accumulation at retailers, a housing recession, and signs that consumers are spending more on services and less on goods, the ATA's freight index remains upbeat. So does payroll employment in the trucking industry, which rose to a record high of 1.59 million in June. It tends to be a leading indicator of the economy. By the way, employment in warehousing also hit a record high in June of 1.82 million.
America keeps on trucking!