American Trucking Associations’ advanced seasonally adjusted For-Hire Truck Tonnage Index decreased 2.1% in July, following a revised 1.6% decline during June. In July, the index equaled 134.3 (2000=100), down from 137.1 in June. The all-time high was 144 in February.

Compared with July 2015, the index rose just 0.3%, the smallest year-over-year gain in 2016. In June, the year-over-year increase was 2.1%. Year-to-date, compared with the same period in 2015, tonnage was up 3.2%.

The not seasonally adjusted index, which represents the change in tonnage actually hauled by the fleets before any seasonal adjustment, equaled 138.2 in July, which was 2.7% below the previous month (142).

“On a monthly basis, tonnage has decreased in four of the last five months and stood at the lowest level since October during July,” said Bob Costello, ATA chief economist. “This prolonged softness is consistent with a supply chain that is clearing out elevated inventories.

“Looking ahead, expect a softer and uneven truck freight environment until the inventory correction is complete. With moderate economic growth expected, truck freight will improve the further along the inventory cycle we progress.”