The Freight Transportation Services Index (TSI) rose in February, according to a new report from the U.S. Department of Transportation Bureau of Transportation Statistics. The TSI rose 3.1 percent in February from January, following a decline in early 2024. The TSI monitors freight carried by the for-hire transportation industry. 

February figures were 2.3 percent below the industry’s all-time high index of 141.3 in August 2022. In January the index reached 134.1, with experts noting the increase in February was due to seasonally adjusted increases in trucking, air freight, rail carload, rail intermodal and water. 

For-hire freight shipments in February 2024 reached 138.1, more than 45 percent higher than the record low of 95 low in April 2009, during the recession, and 2.3 percent below the historic peak reached in August 2022.

Other factors sparking the rise in the TSI were the growth in the Federal Reserve Board Industrial Production index, which rose by 0.1 percent. This is a reflection of positive growth in the mining sector. Increases were also seen in housing starts which increased by 10.7 percent.

The Institute for Supply Management Manufacturing (ISM) index fell 1.3 points to 47.8 reflecting the slow pace of manufacturing. A reading above 50 indicates an expansion of U.S. manufacturing, while a reading below 50 indicates a contraction, the report noted. 

The Passenger TSI exceeded March 2020 levels, indicating a return to normal traffic patterns, however, the numbers still remains below pre-pandemic levels for the 47th consecutive month.

The report stated the increase in the freight index is the largest increase since July 2020. Since August 2021, the index has increased 3.7 percent, while the February TSI exceeded the pandemic low of April 2020 by 11.3 percent, increasing month over month in 27 of 46 months during this time period.