The not seasonally adjusted index, which represents the change in tonnage actually hauled by the fleets before any seasonal adjustment, equaled 124.5 in May, which was 6.5% above the previous month.
'Two straight months of contractions is disappointing,' ATA Chief Economist Bob Costello said. 'The drops in tonnage are reflective of the broader economy, which has slowed.'
'The good news is that the decrease in fuel prices will help support retail sales going forward, which is a big part of truck tonnage,' he said. As a negative, Costello said he's concerned about businesses sitting on cash instead of hiring more workers or spending it on capital, both of which would give the economy and tonnage a shot in the arm, as they are worried about Europe and the so-called U.S. fiscal cliff at the end of the year. He also reiterated last month's comment: 'Annualized tonnage growth should be in the 3% to 3.9% range this year.'