The Department of Transportation’s Bureau of Transportation Statistics (BTS) recently reported that its Freight Transportation Services Index (TSI) saw a 0.3 percent increase from August to September, the most recent month for which data is available.
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.
And with the sequential increase comes a new high for the Freight TSI, with September’s 121.5 topping August’s 121.2 (revised upward from 120.9) for the highest Freight TSI on record.
The Freight TSI has now seen gains for three straight months and September’s level is 28.5 percent higher than the April 2009 low during the most recent recession, BTS said.
BTS said all freight modes saw growth in September, save for rail carloads which were flat. And it added that several other indicators of related parts of the economy that often impact transportation increased in September as well. Industrial production grew 1 percent after several months of slow or negative growth. Manufacturers’ shipments and inventories both increased – inventories have increased for 22 of 23 months to reach an historic high.
On an annual basis, BTS said freight shipments in September were up 4.2 percent compared to September 2013 and are up 2.1 percent year-to-date through September.