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DOT 06-04
Contact: Brian Turmail
Thursday, January 29, 2004
Tel.: (202) 366-4570
Secretary Mineta Announces Launch of New Economic
Index
Monthly Indicator will Measure Importance of Transportation to the Economy
U.S. Transportation Secretary Norman Y. Mineta
today announced the Transportation Services Index (TSI), a new economic
indicator intended to measure the performance of the economy as reflected in the
movement of freight and passengers.
Secretary Mineta announced the Department of Transportation’s (DOT) index
after ringing the opening bell of the New York Stock Exchange. The new index
will focus on the movement of freight and passenger traffic by land, water and
air. It is expected that the TSI will join the ranks of other monthly
indicators in providing a reliable benchmark on the overall strength of the
American economy.
“Wall Street understands how important numbers are for gauging financial
health,” said Secretary Mineta. “The new Transportation Services Index will
fill a crucial void by finally giving us a single number to measure how much
transportation means to the American economy.”
The TSI will use monthly data on freight movement and passenger travel in
the for-hire transportation sector. Analysts from the Department’s Bureau of
Transportation Statistics (BTS) will weight and seasonally adjust the data to
allow monthly and year to year comparisons.
The freight measures in the TSI will include for-hire trucking & parcel
services, freight railroad services, inland waterway traffic, pipeline movements
and air freight. The passenger transportation measures will be local transit,
intercity passenger rail and air passenger transportation. The first TSI
numbers will be released in March.
The transportation sector accounts for 11 percent of the U.S. Gross
Domestic Product and employs over 11 million Americans. At the New York Stock
Exchange alone, there are 39 transportation companies listed that together
represent a current market value of over $181 billion.
Mineta said the TSI will provide the first-ever single measure of the
transportation sector’s impact on the economy. “The TSI will show just how much
keeping the economy moving is about keeping America moving,” said Mineta.
More detailed information on the new index is available on the BTS
website, www.bts.gov.
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