Econintersect: The American Trucking Associations’ (ATA) trucking index grew 1.2% in June offsetting last month’s revised decline of 1.0% month-over-month in May 2012. Compared with June 2011, seasonally adjusted tonnage was up 3.2%. Please note that the ATA does not release an unadjusted data series where Econintersect can make an independent evaluation.
It should be noted that jobs grew in June in the trucking industry. In addition, the year-over-year metrics declined this month compared to May (may be an issue with seasonal adjustment). From the press release:
“June’s increase was a pleasant surprise, but the lower year-over-year gain fits with an economy that has slowed,” ATA Chief Economist Bob Costello said. “Manufacturing output was strong in June, which helped tonnage levels.”
Costello said he’s still 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 U.S. fiscal cliff at the end of the year. Costello lowered his tonnage outlook for 2012 to the 3% to 3.5% range due to recent economic weakness.
Econintersect tries to validate data across data sources. It appears this month that jobs growth says the trucking industry grew 0.2% month-over-month (red line) and 3.0% year-over-year (blue line)