The Department of Transportation’s Bureau of Transportation Statistics (BTS) reported this week that its Freight Transportation Services Index (TSI) increased 0.2 percent from July to August.
According to BTS officials, the Freight TSI measures the month-to-month changes in freight shipments in ton-miles, which are then 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.
At 123.5, the Freight TSI reached an all-time high, according to BTS, outpacing the November 2014 previous high of 123.4
This level is up 30.4 percent compared to the recent low of 94.7 recorded in April 2009.
BTS attributed the 0.6 percent June to July increase to “broad economic growth in July that was reflected in several measures that impact transportation, including the Federal Reserve Board Industrial Production index seeing a 0.6 percent gain, as well as gains in personal income, employment, and housing starts. Also factoring into the increase, said BTS, were significant gains in trucking and rail carloads and a smaller increase in air freight, while water, pipeline, and rail intermodal saw declines.
“The Freight TSI increase was narrower in terms of modes than it often has been - trucking and rail intermodal showed significant gains, while rail carload, aviation freight, and pipeline decreased, and waterborne was stable,” said BTS. “Similarly the increase occurred against a background of mixed indicators for the general economy – employment, personal income, and housing starts all increased, while the Federal Reserve Board Industrial Production index fell.”
On a year-to-date basis through August, shipments are up 0.8 percent in August compared to the end of 2014, and they are up 2.1 percent in August compared to August 2014.