AAA Daily Fuel Gauge Report for Friday, 1/7/22

American Dollar to Canadian Dollar = 0.776214; American Dollar to Chinese Yuan = 0.150313; American Dollar to Euro = 1.161353; American Dollar to Japanese Yen = 0.008759; American Dollar to Mexican Peso = 0.051954.

American Trucking Associations’ advanced seasonally adjusted For-Hire Truck Tonnage Index decreased 2.1% in September after rising 1.7% in August. In September, the index equaled 113.2 (2015=100) compared with 115.6 in August. “After increasing a total of 2.1% in July and August, tonnage fell by that amount in September,” said ATA Chief Economist Bob Costello. “Freight has been very choppy this year, but despite the latest drop, tonnage is up 1.8% since hitting a low in January. No doubt, the climb up has been slow and difficult as manufacturing activity remains flat, but the trend is up, not down.” August’s increase was revised down slightly from our September 24 press release. Compared with September 2023, the index fell 0.9%, after rising 0.6% in August from a year earlier.

American Trucking Associations’ advanced seasonally adjusted (SA) For-Hire Truck Tonnage Index rose 1.2% in February after increasing 0.6% in January. In February, the index equaled 118.4 (2015=100) compared with 117 in January. “Tonnage has increased sequentially for the last three months totaling 2.9 percent,” said ATA Chief Economist Bob Costello. “As a result, the index is just 0.3 percent below the recent high in September. The fact that our index is growing sequentially and on a year-over-year basis demonstrates that contract freight continues to hold up at high levels. “Looking ahead, we continue to see evidence the inventory cycle is improving, which means bloated stocks will stop being a headwind and eventually help truck freight volumes,” Costello said. “Increased infrastructure spending will also boost volumes heading into the summer months. However, we expect to see continued freight softness related to lower home construction and slowing factory output.” Compared with February 2022, the SA index increased 2.3%, which was the eighteenth straight year-over-year gain, but the largest since October. In January, the index was up 1.4% from a year earlier. In 2022, compared with the average in 2021, tonnage was up 3.5%.