Truck Tonnage Plummets
The American Trucking Associations’ advanced seasonally adjusted for-hire Truck Tonnage Index plunged 3.6 percent in November after falling 1.9 percent in October.
Its no surprise that Transports have been so weak; This is also consistent with a ho-hum holiday shopping season.
From the ATA:
“On a seasonally adjusted basis, the tonnage index fell to 106.8 (2000=100) from 110.8 in October, which is the lowest level since late 2003. The index decreased 8.8 percent compared with a year earlier, marking the largest year-over-year decrease since December 2000. Year-to-date, the truck tonnage index was down 2.8 percent, compared with the same period in 2005. The not seasonally adjusted index decreased 9.5 percent from October to 106.5. . .
November 2006 marked the single worst month for for-hire truck tonnage since the last recession,” said ATA Chief Economist Bob Costello. “Both the month-to-month and year-over-year decreases indicate that the economic slowdown is in full gear. The most troubling number is the 8.8 percent contraction from November 2005, despite the fact that year-over-year comparisons are difficult due to the very robust volumes during the same month last year. One month certainly doesn’t make a trend, but if we continue to see year-over-year reductions of similar magnitudes in the next couple of months, it could indicate a greater economic slowdown than economists are projecting at this point.”
Goldilocks My Arse!
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Source:
ATA Truck Tonnage Index Plummeted 3.6 percent in November
American Trucking Associations
Wednesday, Dec. 27, 2006
http://tinyurl.com/yzuynr
Thursday, December 28, 2006 | 10:55 AM | Permalink
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CNBC this morning really didn't have an answer for ATA's report. Later, Leisman was talking with their guest host who commented, in response to the recent soft regional Fed manufacturing surveys, that "manufacturing really doesn't matter anymore".
Posted by: winjr | Dec 28, 2006 11:12:26 AM
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