Transportation Services Index slipped slightly in October

The Transportation Services Index (TSI) in October totaled 115.3, down 0.4 percent from September's level but up 4.6 percent from October 2012's mark, according to the U.S. Department of Transportation's Bureau of Transportation Statistics (BTS).

October's Freight TSI of 114.3 dipped 0.7 percent on a month-over-month basis and climbed 5.3 percent on a year-over-year basis. The monthly decline in the measure of output from for-hire rail, trucking, inland waterway, pipeline and air freight companies can be attributed to decreases in rail carloads and air freight shipments, and particularly truck movements, BTS officials said in a press release. The decline followed three straight month-over-month gains.

"During the third quarter, revised gross domestic product growth of 3.6 percent was heavily driven by an increase in private inventories, which may have accounted for much of the TSI growth," BTS officials said. "The Census Bureau's report on manufacturers shows that an increase in inventories of manufacturers continued in October."

October's Passenger TSI of 117.7 inched up 0.3 percent from September's level and rose 3 percent from October 2012's mark. The index measures month-to-month changes in travel based on data from for-hire intercity rail, air and local transit service providers.