Truck tonnage in October posted the most robust year-over-year again since just before summer, American Trucking Associations announced, as consumers raged up early spending in anticipation of a busy holiday shopping season. The ATA for Hire-Truck Tonnage Index has risen to 113 last month, a 1.8% increase compared to the previous year and 0.4% improvement compared to September 2021. For the three-month period, capacity has increased a combined 2.9%, noted ATA Chief Economist Bob Costello, in line with a general improvement in economic activity.
Keeping economic growth on solid footing is the best way to keep the volumes of freight forward. However, the problem for the industry isn’t about the demand but not having an adequate supply. Earlier this year, Costello had expected the trucking industry would face more than 80,000 truck drivers. According to this provision, the federal infrastructure package creates a training program to prepare drivers younger than 21 to operate Class 8 trucks in interstate commerce.
According to Dial-a-Truck’s chief of analytics, Ken Adamo, said; conditions of congested ports, intermodal yards, and warehouses acted as a drag on the number of loads last month. Thus, as a result, retailers and online sellers took on higher truckload charges to make sure their freight was positioned for success in the shopping period. Additionally, DAT emphasized spot rates of dry van and refrigerated cargo segments are surging.
The monthly Logistic Managers Index survey for October was 72.6, which is one point higher than last year. Thus, according to Dale Rogers, a professor at Arizona State University and one of the index orders, “October’s reading of 72.6 continues the expanded run of logistics expansion we have been tracking throughout the year.” The overall growth has now been over 7 in conjunction and pandemic condition.
Ultimately, the National Retail Federation has expected nearly 2 million or more people are expected to participate in holiday shop between Thanksgiving Day and Cyber Monday this year since many consumers are maintained a trend of starting their holiday shopping earlier this year.