It increased marginally by 0.2 per cent MoM in October last year.
The level of for-hire freight shipments in November 2024 measured by the freight TSI (138.6) was 2 per cent below the all-time high of 141.4 reached in August 2019.
The October 2024 index was revised to 139 from 139.3 in last month's release.
The freight TSI decreased in November last year due to seasonally adjusted decreases in water, air freight, rail carload and pipeline, while rail intermodal and trucking grew.
The November decrease came in the context of mixed results in other indicators. The Federal Reserve Board industrial production (IP) index was down by 0.1 per cent in November, while manufacturing grew by 0.2 per cent.
The Institute for Supply Management Manufacturing (ISM) index was up by 1.9 to 48.4. A reading above 50 indicates an expansion of U.S. manufacturing, while a reading below 50 indicates a contraction.
The November 2024 freight index decrease was the second decrease in three months leaving the index 1.1 per cent below its level in August 2024. The index increased by 4.4 per cent since August 2021. It exceeds the pandemic low in April 2020 by 11.4 per cent; the index increased MoM in 32 of the 55 months since that low.
For-hire freight shipments in November 2024 (138.6) were 45.7 per cent higher than the low in April 2009 during the recession (95.1). The November 2024 level was 2.0 per cent below the historic peak (since 2000) reached in August 2019 (141.4).
For-hire freight shipments measured by the index were at the same level as in November compared to the end of 2023.
Fibre2Fashion News Desk (DS)