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Longtime readers know this is one of our favorite indicators. It has proven very reliable, but as always, with macro indicators, no one reading means anything. They help predict only when taken as a price of a large whole.

“Davidson” submits:

Trucking Tonnage reported unchanged from Dec 2024 and deemed a surprise positive.

Excerpt from report: https://www.trucking.org/news-insights/ata-truck-tonnage-index-unchanged-january

Chief Economist Bob Costello. “This outcome is impressive considering the massive winter storm that brought cold temperatures and significant snowfalls to large parts of the country, including those that rarely see such storms. Furthermore, the terrible wildfires in California likely also caused freight disruptions. Softness in manufacturing and retail sales continue to be a drag on truck freight volumes as well, so the fact tonnage was flat is a positive sign.”