The US Freight Transportation Services Index (TSI), which is based on the amount of freight carried by the for-hire transportation industry, rose 2.2 percent in May from April, rising after a two-month decline, according to the US Department of Transportation’s Bureau of Transportation Statistics’ (BTS). The May 2017 index level (126.8) was 33.9 percent above the April 2009 low during the most recent recession.
The level of for-hire freight shipments in May measured by the Freight TSI (126.8) reached its all-time high, exceeding the previous high of 126.0 in February 2017 by 0.6 percent. The 2.2 percent gain from April to May was the largest month-to-month increase since the index rose 2.9 percent from November to December 2011.
The May increase in the Freight TSI was broad based with gains in most modes, especially water and pipeline, while air freight and trucking were stable. The increase took place despite mixed performance in other indicators in May. Employment and Personal Income both grew in May, and the Institute for Supply Management’s Purchasing Managers’ Index showed positive and accelerating growth. However, housing starts declined, and the Federal Reserve Board Industrial Production index was unchanged, with a decline in manufacturing offset by increases in mining and utility output.