The ATA’s Monthly Truck Tonnage Report posted a seasonally-adjusted 2.8% gain over May. Without the seasonal adjustment, the gain was 5.3%. This increase is unexpected, seeing as US Industrial Production was flat overall and down in most trucking-centric segments.

This data plus the continued high rate of new truck sales suggest that there is economic activity that is not readily apparent in IP figures. While new truck sales are still assumed to be attributable mainly to replacement rather than expansion, the tonnage data suggests there is more to the story. One month is not a trend, but the numbers are a bit of a bright spot in an otherwise partly-cloudy economic picture.