A look at a few economic indicators reported this week:
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ATA reports February tonnage drop: The amount of freight carried by the for-hire trucking industry, as measured by the American Trucking Associations’ monthly For-Hire Truck Tonnage Index, fell 3.1 percent in February, ATA reported this week.
ATA Chief Economist Bob Costello cites drops in retail sales, manufacturing output and housing starts in the month as reasons. Severe winter weather in the month negatively impacted those three indicators, along with a broader negative impact on tonnage.
The Tonnage Index, however, was up 3 percent from February 2014.[/gttable]
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Linehaul rates jumped in February: Despite the recent stabilization of spot market rates in recent months, linehaul rates — the base of spot market rates — continue to rise, reported Cass this week. Linehaul rates in February rose 6.6 percent in the month, according to the Cass Truckload Linehaul Index.[/gttable]