U.S. for-hire truck tonnage jumped 2.7% in June, in accordance with the American Trucking Associations, reflecting a continued shift of freight from the spot market to contracts.
A associated index monitoring the developments was 7.9% above June 2021 ranges.
“June’s soar tells me a few issues: first, the transition within the freight market from spot again to contract continues. ATA’s tonnage index is dominated by contract freight, so whereas the spot market has slowed as freight softens, contract carriers are backfilling these losses with hundreds from shippers lowering spot market publicity,” mentioned ATA chief economist Bob Costello.
“Primarily, the market is transitioning again to pre-pandemic shares of contract versus spot market. Second, and maybe equally vital, whereas financial development is anticipated to be delicate general within the second quarter, the goods-economy wasn’t as unhealthy as feared.”
June marked the tenth consecutive month of year-over-year beneficial properties, and the biggest since June 2018.