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In May, the Transportation Services Index (TSI) declined 0.7 percent from April’s level to 97.4 — the lowest May index since 1998, according to the U.S. Department of Transportation’s Bureau of Transportation Statistics (BTS). The TSI also decreased 13 percent compared with May 2008’s level.

May’s Freight TSI of 94.0 dropped to its lowest monthly level since June 1997, when the index was 92.4. The Freight TSI fell 0.6 percent from April’s level and 14.8 percent from May 2008’s level — the largest May-over-May decline in 20 years, BTS said.

May’s Passenger TSI of 109.4 declined 0.9 percent from April’s level and 7.3 percent from May 2008’s level, also the largest May-over-May drop in two decades.

For more BTS breakdowns on the three indexes in May, follow this link.