On CNBC Street Signs Monday, I spoke about how falling railcar loadings could hurt the revenue of CSX ( ). Lo and behold CSX reported earnings that were better than estimates, however the bottom line was enhanced by cost cutting not revenue growth. Now we must turn to the trucking sector, the authority of truck tonnage is the American Trucking Association.

The Truck Tonnage Index calculates the amount of freight traveling via truck in the United States. The most recent data is for May 2009 and indicated that on a monthly basis truck tonnage increased by 3.2%. However, on a yearly basis this was an 11% decline.

Moreover the chief economist for the ATA had this to say about the trucking industry:

I am hopeful that the worst is behind us, but I just don’t see anything on the economic horizon that suggests freight transportation is ready to explode, the consumer is still facing too many headwinds, including employment losses, tight credit, rising fuel prices, and falling home values, to name a few, that will make it very difficult for household spending to jump in the near term.

Bob Costello, ATA Chief Economist

Bob’s muted enthusiasm is backed up by the recent decline in intermodal data. The 4 week moving average in intermodal freight has turned down. This four week period covers the time since the ATA truck tonnage report. Additionally, this corresponds with the period of declining distillate demand.

Disclosure: I am short IYT