The Freight Transportation Services Index (TSI), which is based on the amount of freight carried by the for-hire transportation industry, fell 1.8 percent in August from July, falling after rising for four consecutive months, according to the US Department of Transportation’s Bureau of Transportation Statistics’ (BTS). The August 2016 index level (122.3) was 29.0 percent above the April 2009 low during the most recent recession.
The July index was revised to 124.5 from 124.6 in last month’s release but still remains an all-time high. Monthly numbers for January through May were revised down slightly.
The August Freight TSI decrease of 1.8 percent from July was due to declines in pipelines, rail carloads, and particularly trucking, while all other modes grew or were stable (data on individual modes are seasonally adjusted by BTS). The August decrease was driven by declines in the mining (including oil and gas well drilling and servicing) and manufacturing sectors of the economy.
Year-to-date, freight shipments measured by the index were up 0.8 percent in August compared to the end of 2015.