ARLINGTON, Va. — The American Trucking Associations’ advance seasonally adjusted For-Hire Truck Tonnage Index hit its highest level since November 2008 –arguably the month that the U.S. economy collapsed.

The index rebounded in March following February’s revised 0.3 percent drop by growing 0.4 percent during March. Compared with March 2009, tonnage jumped 7.5 percent, the fourth straight year-over-year gain and the largest increase since January 2005.

For the first quarter of 2010, tonnage was up 4.9 percent compared with the same period last year.

"Freight is moving in the right direction and I continue to hear from motor carriers that both the demand and supply situations are steadily improving," said Bob Costello, ATA chief economist.

He attributed the first-quarter improvement to the improving economy and to a slight inventory build after some sectors slashed inventories by too much in 2009.

"For most fleets, freight volumes feel better than reported tonnage because the supply situation, particularly in the truckload sector, is turning quickly."

ATA calculates the tonnage index based on surveys from its membership.