U.S. freight activity contracted in September as measured by a key trucking industry volume index, underscoring ongoing volatility in the freight market heading into the critical fourth quarter. According to recently released data, the advanced seasonally adjusted For‑Hire Truck Tonnage Index fell 0.9% in September, marking the lowest level in three months after modest increases earlier in the summer.
The index—which tracks the weight of freight transported by for‑hire carriers and serves as a barometer of broader economic and supply chain conditions—slipped to a reading of 114.2 from 115.3 in August. Despite the sequential decline, tonnage remained slightly higher than September of the previous year, indicating some resilience in freight demand over the longer term.
Analysts attribute the pullback in truck freight volumes to a mix of economic headwinds. High interest rates, uneven consumer spending and soft demand signals have contributed to choppy market conditions, even as some segments of the economy show steady activity. Experts say that while freight rates have remained relatively stable, volumes are not yet showing the sustained momentum typical for this time of year.
Industry economists note that despite the drop from August’s summer gains, tonnage levels have recovered modestly since earlier lows in the year. However, overall freight volumes remain below peak levels seen several years ago, highlighting the challenges faced by carriers and shippers alike.
The September performance adds nuance to expectations for the remainder of the year. With the holiday shipping season approaching, supply chain stakeholders are closely watching freight flows and capacity conditions to assess potential implications for logistics planning, pricing and service levels.
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