The ATA For-Hire Truck Tonnage Index rose +0.4% MoM and +0.9% YoY in December, showing modest improvement but still low volumes.

• The seasonally adjusted index increased to 112.9 in December (Nov: 112.4), following a +0.2% MoM gain in November, indicating two consecutive monthly increases.

• Freight volumes were still described as low after a combined -2.7% contraction across September and October, suggesting the recent rebound only partially offsets earlier declines.

• YoY tonnage rose +0.9% in December, after two straight months of YoY declines, marking a shift to positive annual growth at year-end.

• For Q4, the index average fell -1.8% QoQ (vs Q3), the largest sequential quarterly decline since Q2 2023, indicating weakening broader momentum despite the late-quarter monthly gains.

• Q4 tonnage was down -0.3% YoY versus the final three months of 2024, pointing to slightly softer activity over the full quarter even with December’s YoY increase.

• For full-year 2025, tonnage rose +0.1% versus the 2024 average, described as the first annual gain since 2022 but still signaling overall flat freight growth.

• The not seasonally adjusted index rose to 111.9 in December, up +4.3% MoM from 107.3 in November, reflecting stronger raw month-to-month improvement than the seasonally adjusted series.

• Soft manufacturing and construction activity were cited as continuing to weigh on freight volumes, reinforcing that the underlying demand backdrop remains a constraint.