Analysis: The Freight TSI increased in July due to seasonally adjusted increases in rail carloads, rail intermodal, trucking, and water while air freight and pipeline decreased.The passenger index increased in July due to seasonally adjusted increases in air passenger, rail passenger, and transit. Despite the July increase, the Passenger TSI remained below the 2025 high and 7.7% below the all-time high in January 2020 .
The table below shows Freight TSI and its changes in the context of other important monthly economic indicators. The table shows seasonally adjusted indicators unless noted.
The Freight TSI in Comparison to Other Economic Indicators
| Economic Indicator | May | June | July |
| Freight Transportation Services Index | 137.2 | 136.3 | 137.4 |
| Percent Change | -0.1 | -0.7 | 0.8 |
| Federal Reserve Board (FRB) Industrial Production Index | 103.7 | 104.1 | 104.0 |
| Percent Change | 0.1 | 0.4 | -0.1 |
| FRB Manufacturing (percent change) | 0.2 | 0.3 | 0.0 |
| FRB Mining (percent change) | 0.4 | -0.3 | -0.4 |
| FRB Utilities (percent change) | -1.1 | 1.8 | -0.2 |
| Housing Starts (thousands of units) | 1,282.0 | 1,358.0 | 1,428.0 |
| Percent Change | -8.3 | 5.9 | 5.2 |
| Retail Sales: Retail Trade (millions of nominal dollars) | 618,037.0 | 623,882.0 | NA |
| Percent Change | -0.9 | 0.9 | NA |
| Personal Income (billions of chained 2017 dollars) | 20,384.0 | 20,384.5 | 20,432.9 |
| Percent Change | -0.5 | 0.0 | 0.2 |
| Institute for Supply Management Manufacturing Index | 48.5 | 49.0 | 48.0 |
| (50+ = expansion) |
| Percentage Point Change | | | |
BTS estimates air freight and air passenger one month ahead of reported data (i.e., the air data are available through June, BTS estimates the July air passenger and freight in the July index).
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 revised the June freight index to 136.3 from 137.0 in last month's release and the June passenger index to 126.2 from 127.0.
BTS scheduled the release of the June 2025 index for October 15, 2025. See Seasonally-Adjusted Transportation Data for historical data from 2000 to the present and numbers for individual modes. The TSI and modal data also can be found on the FRED database. See Transportation as an Economic Indicator: Transportation Services Index for charts and discussion about the TSI and its relationship to the economy. The BTS report, Transportation Services Index and the Economy, provides a detailed explanation about the relationship between the TSI and economic cycles.
Looking for tables? BTS moved all tables online to streamline the monthly release.
Brief Explanation of the TSI The TSI measures 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 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.
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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