The US Freight Transportation Services Index (TSI), which is based on the amount of freight carried by the for-hire transportation industry, fell 0.4 percent in January from December, falling after reaching an all-time high in December, according to the US Department of Transportation’s Bureau of Transportation Statistics’ (BTS). The January 2018 index level (132.3) was 39.7 percent above the April 2009 low during the most recent recession.
The level of for-hire freight shipments in January measured by the Freight TSI (132.3) was the second highest all-time level, 0.4 percent below the all-time high of 132.8 one month earlier in December 2017.
Decreases in rail carloads, rail intermodal, pipeline and water resulted in the January decline of 0.4 percent while trucking and air freight increased. The TSI decline was consistent with the Federal Reserve Board Industrial Production index, which dropped by 0.1 percent in January, led by a fall in mining. However, a range of other indicators, including employment, Personal Income and Housing Starts grew in January. The Institute for Supply Management Manufacturing index fell to 59.1, indicating positive but decelerating growth.