The Freight Transportation Services Index (TSI) — which is based on the amount of freight carried by the for-hire transportation industry— rose 1.3 percent in April from March, rising after two months of decline.According to the U.S. Department of Transportation’s Bureau of Transportation Statistics’ (BTS), the April 2016 index level (121.1) was 27.9 percent above the April 2009 low during the most recent recession.
The level of freight shipments in April measured by the Freight TSI (121.1) was 2.0 percent below the all-time high level of 123.6 in December 2014. The bureau’s TSI records begin in 2000.
The March index was revised to 119.5 from 120.0 in last month’s release. Monthly numbers for January and February were revised down slightly as were February through December 2014.
The March to April Freight TSI increase of 1.3 percent was due to growth in trucking and pipeline, while all other modes declined. The TSI increase paralleled the increases in housing starts and in industry production. The Federal Reserve Board Industrial Production index rose by 0.7 percent in April, after falling in February and March. Most notable, there were increases in production by utilities (up 5.8 percent) and manufacturing (up 0.3 percent).
On the downside, mining production fell 2.3 percent in April. Mining employment also declined while overall employment increased. The ISM Manufacturing Index declined but remained above 50, indicating slowing but positive manufacturing growth.
The Freight TSI measures the month-to-month changes in freight shipments by mode of transportation in tons and ton-miles, which are combined into one index. The index measures the output of the for-hire freight transportation industry and consists of data from for-hire trucking, rail, inland waterways, pipelines and air freight.
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