The American Trucking Associations’ advanced seasonally adjusted For-Hire Truck Tonnage Index increased 1% in December, following a decrease of 0.9% during November. In December, the index equaled 135.6 (2000=100), up from 134.3 in November, and 0.1% below the all-time high of 135.8 reached in January of 2015.

Compared with December 2014, the SA index increased 1.1%, which was better than November’s 0.2% year-over-year gain. For all of 2015, compared with 2014, tonnage was up 2.6%.

The not seasonally adjusted index, which represents the change in tonnage actually hauled by the fleets before any seasonal adjustment, equaled 132.7 in December, which was 2.9% above the previous month (129.0).

“Tonnage ended 2015 on a strong note, but it was not strong for the year as a whole,” said Bob Costello, the ATA’s chief economist. “With year-over-year gains averaging just 1.2% over the last four months, there was a clear deceleration in truck tonnage.”

Despite the strong year in terms of tonnage, Costello remains wary about an industry dealing with more supply than demand.

“At the expense of sounding like a broken record, I remain concerned about the high level of inventories throughout the supply chain,” Costello said. “The total business inventory-to-sales record is at the highest level in over a decade, excluding the Great Recession period. This will have a negative impact on truck freight volumes over the next few months at least. And, this inventory cycle is overriding any strength from consumer spending and housing at the moment.”