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Freight Transportation Services Index, June 2011 - June 2016. Graphic: U.S. DOT
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Freight Transportation Services Index, June 2011 - June 2016. Graphic: U.S. DOT
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A new U.S. Transportation Department report shows the amount of freight carried by the nation's for-hire transportation industry rose 0.6% in June from the month before, due in part to increased trucking shipments, and is up 0.4% from the same time in 2016.
The increases put the Freight Transportation Services Index (TSI) at a reading of 122.3, its third straight monthly gain, while the May reading was revised down slightly to 121.6 from 121.8.
The June recent figure is just 1.1% below the all-time record high level of 123.7 hit in December 2014 and is 29.1% above the April 2009 low during the most recent recession
The Freight TSI measures the month-to-month changes in freight shipments by mode of transportation in tons and ton-miles, which are combined into one index. The index measures the output of the for-hire freight transportation industry and consists of data from for-hire trucking, rail, inland waterways, pipelines and air freight.
The June Freight TSI increase from May was broad in terms of mode but with drops for water and rail intermodal, which declined after significant rises in May. The June gain was driven by growth in the mining, including oil and gas well drilling and servicing, utility and manufacturing sectors of the economy, according to the report.
The second quarter TSI increase of 2.2% from the first quarter is the first time the TSI rose three months in succession since December 2014. The three months of successive increases followed two months of successive declines, leaving the June level 0.2% below the level of January 2016.
The second quarter increase is also the largest quarterly rise since the first quarter of 2013. It followed two quarters of drops and declines in four of the previous five quarters.
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The number of available loads on the spot truckload market fell 3.9% for the week ending August 6 compared to the week before while rates held steady despite a reduction in the average fuel surcharge, according to DAT Solutions and its network of load boards.
The national average spot reefer rate remained at $1.93 per mile as the number of reefer load posts increased 4% while truck posts were unchanged. All reported rates include fuel surcharges. That resulted in a 4% increase in the load-to-truck ratio to 5.3 loads per truck.
Northern reefer-freight markets are showing strength as rates jumped 14 cents to $1.80 per mile out of Elizabeth, New Jersey last week as fruit and vegetable harvests in rural parts of the state as well as Pennsylvania contributed to an increase in demand.
Elsewhere, regional markets with highest average reefer rates held steady compared to the previous week:
Meantime, van-load posts decreased 2% last week, while truck posts held steady. That caused the load-to-truck ratio to dip 2% to 2.7 loads per truck.
At $1.64, the national average spot van rate was unchanged compared to the previous week, but is down 2 cents from three weeks ago. Van rates recovered 5 cents out of Chicago last week to $1.92 per mile, and Columbus, Ohio, rates gained 2 cents to $1.81 per mile. Memphis added 3 cents to $1.87 per mile, a positive sign for haulers of retail freight, according to DAT.
The number of flatbed load posts declined 10% last week while truck posts increased 1%. That caused the load-to-truck ratio to fall 11% to 12.8 loads per truck. The national average flatbed rate increased 1 cent to $1.93 per mile despite a 1 cent decline in the average fuel surcharge. Compared to three week earlier, the average rate has increased 4 cents.
All this activity happened against a backdrop in which the national average diesel price dipped another 3 cents to $2.32 per gallon compared to the previous week, leading to a 1-cent fuel surcharge loss.
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