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Truck tonnage confirms growth pause




Truck tonnage fell in May, most likely due to supply-chain interruptions and higher oil prices. Calculated Risk has more details. I offer this updated chart to show how closely the stock market, not surprisingly, tends to follow the ups and downs of the physical economy. I also note that truck tonnage is a very real indicator of economic growth, and can't be artificially elevated by cheap money or misguided stimulus programs.

Trucking serves as a barometer of the U.S. economy, representing 67.2% of tonnage carried by all modes of domestic freight transportation, including manufactured and retail goods.

It's reasonable to expect that supply-chain disruptions are now fading, and that, combined with a 20% drop in crude oil prices over the past two months, should allow somewhat stronger growth to resume in coming months.

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