May 2025 Freight Transportation Services Index (TSI) down 0.1% from the previous month

The Freight Transportation Services Index (TSI), which is based on the amount of freight carried by the for-hire transportation industry, fell 0.1% in May from April, falling after one month of no change, according to the U.S. Department of Transportation Bureau of Transportation Statistics (BTS). From May 2024 to May 2025 the index fell 0.9%.

The level of for-hire freight shipments in May measured by the Freight TSI (137.0) was 2.6% below the all-time high of 140.6 reached in August 2019 (Table 2A). BTS’ TSI records begin in 2000.

The April index was revised to 137.2 from 136.3 in last month's release.

Starting again this month, BTS returns to publishing the passenger and combined index for the same month as the freight index. BTS began publishing the passenger and combined indexes only through the latest month of data available for air passenger travel when BTS released data for January 2020 - the first month where COVID-19 affected passenger travel. Historically, BTS forecasted one month of passenger air travel for the passenger index. The COVID-19 pandemic disrupted regular seasonal patterns in air travel and made it difficult to estimate air travel. Regular seasonal patterns in air travel re-emerged, enabling BTS to again accurately estimate passenger air travel.

The Passenger Index increased 0.3% in May and 1.7% from May 2024, while the Combined Index was unchanged both in May and from May 2024.

BTS estimates air freight and air passenger one month ahead of reported data (i.e., the air data is available through April, BTS estimates the May air passenger and freight in the May index).

The Freight TSI measures the month-to-month changes in for-hire 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. The TSI is seasonally-adjusted to remove regular seasonal movement, which enables month-to-month comparisons.

Analysis: The Freight TSI decreased in May due to seasonally adjusted decreases in rail intermodal and pipeline while air freight and water increased, and trucking and rail carload were unchanged.

The May decrease occurred in the context of negative results in other indicators. The Federal Reserve Board Industrial Production (IP) Index was down 0.2% in May, reflecting a decrease of 2.9% in utilities, while manufacturing and mining were each up 0.1%. Housing starts were down 9.8%. Personal Income decreased by 0.4%.

The Institute for Supply Management Manufacturing (ISM) index in May fell 0.2 percentage points to 48.5, indicating contraction. A reading above 50 indicates an expansion of U.S. manufacturing, while a reading below 50 indicates a contraction.

The May increase in the Passenger TSI left it 0.1% below it’s recent high in March, but 4.3% above its level in January 2024.

Trend: The May freight index decrease was the third decrease in five months and the fifth decrease in nine months, leaving the index 1.6% below its level in August 2024 – the 2024 high point. It remains 2.1% below its five-year high in February 2023.

Index highs and lows: For-hire freight shipments in May 2025 (137.0) were 44.4% higher than the low in April 2009 during the recession (94.9). The May 2025 level was 2.6% below the historic peak (since 2000) reached in August 2019 (140.6).

Year to date: For-hire freight shipments measured by the index were down 0.1% in May compared to the end of 2024.

Long-term trend: For-hire freight shipments are up 9.3% in the five years from May 2020 and are up 12.6% in the 10 years from May 2015.

Same month of previous year: May 2025 for-hire freight shipments were down 0.9% from May 2024.