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. See historical TSI data. 

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. 

For additional historical data, go to TSI data.

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) (Table 1A).

Year to date: For-hire freight shipments measured by the index were down 0.1% in May compared to the end of 2024 (Table 3).

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 (Table 5).  

Same month of previous year: May 2025 for-hire freight shipments were down 0.9% from May 2024 (Tables 4, 5). 

The TSI has three seasonally-adjusted indexes that measure changes from the monthly average of the base year of 2000. The three indexes are freight shipments, passenger travel and a combined measure that merges the freight and passenger indexes. See Seasonally-Adjusted Transportation Data for numbers for individual modes. TSI includes data from 2000 to the present. Release of the June 2025 index is scheduled for August 14, 2025.

Revisions: Monthly data has changed from previous releases due to the use of concurrent seasonal analysis, which results in seasonal analysis factors changing as each month’s data are added.    

BTS research has shown a clear relationship between economic cycles and the Freight and Passenger Transportation Services Indexes. See a study of this relationship using smoothed and detrended TSI data. Researchers who wish to compare TSI over time with other economic indicators, can use the FRED database, which includes freight, passenger and combined TSI, and which makes it possible to easily graph TSI alongside the other series in that database. See TSI data on FRED.   

For charts and discussion on the relationship of the TSI to the economy, see Transportation as an Economic Indicator: Transportation Services Index.

A BTS report explaining the TSI, Transportation Services Index and the Economy, is available for download.
 

Table A: Summary of Revisions to Freight TSI in Previous 12 Months

SOURCE: Bureau of Transportation Statistics. See Transportation Services Index for documentation, data and other background information.
NOTE: The entire Freight TSI is revised monthly. Changes shown only for the previous 12 months. 

Table 1: Freight Transportation Services Index since November 2024 
Percent Change from Previous Month
(Seasonally-Adjusted, Monthly Average of 2000 = 100)

SOURCE: Bureau of Transportation Statistics. See Transportation Services Index for documentation, data and other background information.
NOTE: Percent changes based on numbers prior to rounding. 
 

Table 1A: Annual High and Low Points in Freight Transportation Services Index, 2020-2025

SOURCE: Bureau of Transportation Statistics. See Transportation Services Index for documentation, data and other background information.

Table 2: Freight Transportation Services Index Monthly Changes, 2022-2025
Percent change from previous month

SOURCE: Bureau of Transportation Statistics. See Transportation Services Index for documentation, data and other background information.

Table 2A: Freight Transportation Services Index by Month, 2022-2025

SOURCE: Bureau of Transportation Statistics. See Transportation Services Index for documentation, data and other background information.

Table 3: Freight Transportation Services Index Year-to-Date Change, 2016-2025
Percent change to May from December of the previous year

SOURCE: Bureau of Transportation Statistics. See Transportation Services Index for documentation, data and other background information.

Table 4: Freight Transportation Services Index from Year-to-Year
Percent Change in the May Freight TSI 
(Monthly average of 2000 = 100)

SOURCE: Bureau of Transportation Statistics. See Transportation Services Index for documentation, data and other background information.
NOTE: Percent changes based on numbers prior to rounding.

Table 5: Freight Transportation Services Index from Previous Years 
Percent Change to 2025 (May to May)

SOURCE: Bureau of Transportation Statistics. See Transportation Services Index for documentation, data and other background information.

Brief Explanation of the TSI
    
The Transportation Services Index (TSI) is a measure of the month-to-month changes in the output of services provided by the for-hire transportation industries.  The freight index measure changes in freight shipments while the passenger index measures changes in passenger travel. 

The TSI tells us how the output of transportation services has increased or decreased from month to month. The index can be examined together with other economic indicators to produce a better understanding of the current and future course of the economy.   The movement of the index over time can be compared with other economic measures to understand the relationship of changes in transportation output to changes in Gross Domestic Product (GDP).

    
The freight transportation index consists of:
   For-hire trucking,
   Railroad freight services (including rail based intermodal shipments such as containers on flat cars),
   Inland waterways transportation,
   Pipeline transportation (including principally petroleum and petroleum products and natural gas), and
   Air freight.

The index does not include international or coastal waterborne movements, private trucking, courier services, or the US Postal Service.
  
The passenger transportation index consists of:
   Local transit, 
   Intercity passenger rail, and 
   Passenger air transportation. 

The index does not include intercity bus, sightseeing services, ferry services, taxi service, private automobile usage, or bicycling and other non-motorized transportation. 

The TSI includes only domestic "for-hire" freight and passenger transportation. For-hire transportation consists of freight or passenger transport services provided by a firm to external customers for a fee. The TSI does not include taxi services, paid ride services in personal motor vehicles (e.g., Uber, Lyft, etc.), intercity bus services, in-house transportation (vehicles owned and operated by private firms for their own use), or noncommercial passenger travel (e.g., trips in the household car). 

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