Truck tonnage dropped last month

Truck tonnage fell 0.3% in July, marking the first month-to-month tonnage drop since April, according to the American Trucking Associations (ATA).

Bob Costello, the ATA's chief economist, says July's tonnage reading "matched several anecdotal reports from motor carriers that freight was softer in July than the previous month."

He believes that tonnage could be "volatile" in the coming months as the economy further softens.