(NewsNation) — After surging to record highs in 2022, diesel prices have fallen in recent months — an indication the U.S. economy could be slowing down.

Today, a gallon of diesel fuel costs $4.17 on average, down from an all-time high of $5.82 last June, according to the American Automobile Association (AAA).

That will come as a relief to truckers, farmers and others who rely on diesel, but it also reflects a broader decline in economic activity, which some are already calling a “freight recession.”

Last month, trucking demand fell 5.4% from the month prior, the largest monthly drop since the start of the pandemic in April 2020, according to the American Trucking Associations (ATA).

“Falling home construction, decreasing factory output and soft retail sales all hurt contract freight tonnage,” ATA Chief Economist Bob Costello said in a release.

Trucking, which has long served as a barometer for the broader economy, accounts for more than 70% of all tonnage transported in the U.S..

Wholesale diesel recently fell to $2.65 a gallon in New York Harbor, down from $5.34 last May, the Wall Street Journal reported Tuesday. Benchmark diesel futures are down nearly 25% this year and domestic demand is down 8.4% since the same time last year, per the Journal.

Other freight indicators also point toward an economic slowdown.

Container imports at U.S. ports are down compared to last year and on Wall Street transportation stocks have fallen in recent months.

In the manufacturing sector, economic activity contracted in March for the fifth consecutive month following a 28-month period of growth, according to the Institute for Supply Management.

The industrial slowdown is a marked shift from the post-pandemic boom when consumer demand far outpaced the rate of production.

Last quarter the economy grew at a 2.6% annual pace, down from 3.2% the quarter prior. Consumer spending also cooled, rising at a 1% annual rate. Spending on physical goods, like appliances and furniture, fell for a fourth straight quarter.