ATA Tonnage Confirms January Loadings
The ATA has just released its January tonnage data, showing a 4.0% month-over-month decrease (seasonally corrected). This information is significant because it confirms to us that the robust 6.4% increase in December was an anomaly, having to do with the notoriously touchy end-of-year seasonal corrections. The January and December numbers almost certainly reflect shipments that normally move in January being pulled forward to December (perhaps to swell 2011 bookings and also due to mild weather). Note, importantly, that the average of the two months still equates to a 15% growth rate if it were to be sustained for 12 months.
The ATA data trues with our freight data that says loadings came down in January but remain on a strong path going into 2012.