Freight Tonnage Holds Steady as 2026 Momentum Builds

Key Details The ATA For-Hire Truck Tonnage Index remained flat in April at 117.8, matching March's reading. Year-over-year, the index is up 3.5% compared to April 2025, with tonnage gains of 2.6% for the first four months of 2026 versus the same period last year. Why It Matters ATA Chief Economist Bob Costello emphasized that flat monthly tonnage is stronger than it appears, given the index has climbed 4.7% since year-end 2025 without a single monthly decline. The index is now at levels not seen since fall 2022, signaling sustained freight demand. Market Signals The Logistics Managers' Index jumped 4.2 points to 69.9 in April, marking the fastest expansion since March 2022. Capacity is tightening across modes, with transportation prices rising alongside freight demand. Capacity constraints are now at second-lowest levels ever recorded. Mixed Signals Ahead The Cass Freight Index showed year-over-year shipment declines of 4.4%, though sequential movement improved 0.4%. Supply chain experts note growth is concentrated in flatbed-heavy sectors tied to artificial intelligence and infrastructure, not consumer or housing goods, which may explain the tonnage plateau despite rising industrial production.