OGDEN, UT -- (Marketwired) -- 04/30/13 -- The Spring Trucking Report released from TAB Bank is showing signs of renewed economic growth according to monthly truck tonnage, fuel costs, perceived business conditions, invoice size, and industrial production. Historically, trends in trucking and transportation serve as good indicators of the greater economy. The TAB Bank Spring Trucking Report Infographic can be downloaded by clicking here.
TAB Bank Spring Trucking Report Highlights
•Industrial Production is at its highest point in several months and boasts a 2.5% increase from February 2012 to February 2013. •The ATA's Adjusted Monthly Truck Tonnage Index hit a fourteen month high in January. The index did retreat slightly in February from the January high by 0.7%. Even with the small decline, the February figure was the second highest the index has been in the past fourteen months. Overall the Truck Tonnage Index saw a 4.7% increase from January 2012 to January 2013. •Sales volume for TAB Bank's core group of clients in the month of March was at its highest point since prior to the holiday season.
"Many industry indicators are showing a renewed surge in economic activity through the first quarter of 2013. The Industrial Production Index is increasing at a more rapid rate that it has in some time and the Monthly Truck Tonnage Index from the American Trucking Associations is at its highest point in nearly a year and half. Both of these trends indicate great news for the trucking industry as it illustrates an increased demand in freight shipping which usually is an indicator of ramped up activity in other sectors of the economy. We are anxious to see how these numbers continue to develop as we progress further into 2013. We'll have to see what the budget sequester does to freight volumes in the coming months."
- Eric Myers, TAB Bank Vice President of Marketing
While FDIC-insured TAB Bank provides alternative funding services to a variety of industries like manufacturing, staffing, and technology, the company's first industry was transportation. TAB Bank releases a Trucking Report quarterly, and those interested can subscribe by clicking here.
About TAB Bank
TAB Bank (@TABBank) has assets in excess of $700 million through a variety of financial products including: accounts receivable financing, asset-based lending, lines of credit, equipment finance, business accounts, and commercial banking services. TAB Bank provides working capital solutions to small- and medium-sized commercial businesses across a wide range of industries. TAB provides these solutions in all stages of a company's business life cycle no matter the economic climate.
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