The Freight Transportation Services Index (TSI), which is based on the amount of freight carried by the for-hire transportation industry, rose 0.5 percent in January from December, rising for the second consecutive month, according to the U.S. Department of Transportation’s Bureau of Transportation Statistics’ (BTS). The January 2016 index level (122.2) was 29.0 percent above the April 2009 low during the most recent recession.
The level of freight shipments in January measured by the Freight TSI (122.2) was 1.3 percent below the all-time high level of 123.8 in November 2014. The December 2015 index was revised to 121.6 from 121.0 in last month’s release.
The January Freight TSI increase of 0.5 percent from December was due to substantial growth in rail intermodal and pipeline and a smaller increase in the largest mode, trucking. Air freight, water, and rail carloads all decreased. The TSI increase paralleled growth in the Federal Reserve Board Industrial Production index which rose 0.9 percent in December (reversing two months of declines), in personal income, up 0.5 percent, and in employment, which continued steady growth. The ISM Manufacturing Index was again below 50, indicating declining manufacturing activity and a continuing decrease in high inventories. The TSI growth took place despite severe winter weather.