First Monthly Travel Increase Since October of 2007

Includes: SPY, USO
by: Mark J. Perry

The Federal Highway Administration reported yesterday that travel on all roads and streets increased by by +0.6% (1.4 billion vehicle miles) in April 2009 compared to April 2008. This was the first monthly percentage increase compared to the same month in the previous year since October 2007, and follows 17 consecutive monthly percentage decreases (see graph above).

Does this increased driving suggest consumers are feeling more confident? Another green shoot/mustard seed? Possibly.

Comments welcome.

HT: John Thacker