This week’s report is now available. For your convenience an embedded audio version of the report is now available on our blog page as well as on iTunes, Stitcher, and SoundCloud. A full breakdown of the data in PDF form and transcript of the report is also included below.
We provide the Weekly Report in numerous formats every week. Which one is right for you? Watch the latest reports on our Recruiting Resources or YouTube pages, use our Numbers at a Glance section for quick visual references, download the Weekly Report PDF (available below), read the transcript, or listen to the audio version of the December 16, 2020, Weekly Report below.
Want to go over the trucking industry data yourself? No problem! All of the information covered in our Weekly Report video is available for your convenience in PDF form below.
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Hello everyone, I’m Joshua Miller. Welcome to the Weekly Report, where every week we take a look back to help you move forward. One quick note before we jump in, this will be the last Weekly Report of 2020. With the holidays fast approaching our team here will be taking the final two Wednesday’s off from Weekly Report production. But don’t worry, we’ll be back at it starting Wednesday January 6th, 2021. Now let’s get to this week’s report.
THIS WEEK IN JOB SEARCHES AND CLICKS
In truck drivers searches we saw an uptick of 2% WoW, a drop of 14% Mom, and an increase of 67% YoY. Truck driver postings dropped 6% WoW, rose 16% MoM, and fell 36% YoY.
Now, one thing to note is the postings for last week was split depending on driver experience level. Inexperienced and trainee truck driver job postings increased 25% WoW, while clicks on experienced truck driver postings fell 16% WoW. This would seem to indicate that the intent for experienced drivers has decreased while those looking to get into trucking or just starting out is increasing.
THIS WEEK IN FREIGHT
Spot volumes decline following a post-Thanksgiving surge. Spot load posting volume decreased by 4.4%. Higher flatbed loading, which was up 6% WoW helped to offset the double-digit declines in dry van and refrigerated.
While spot rates fell four cents WoW, they are still up 27% YoY. The largest drop occurred in refrigerated as rates dropped by nearly 22 cents, which also happens to be its biggest decline since April, while truck postings only dipped slightly by .5% WoW.
NOW FOR OUR STORY OF THE WEEK
As carriers begin preparing for 2021, Class 8 truck orders have exploded. The Class 8 orders for December 2020 hit the third highest monthly target EVER at 52,600. Orders were up 31% MoM and almost three times as high as the levels seen in November of 2019.
For the past 12 months, Class 8 orders now stand at 250,000 units. Of that quarter million units, over 20% of the new class 8 orders came in the last month alone. This large volume reflects large fleets placing orders for the entirety of 2021 as they expect build slots to be in short supply next year.
This large volume would also seem to suggest that fleet confidence remains strong as we head into the new year. Consumer-oriented freight continues to remain strong and industrial freight is expected to improve in the coming months.
That does it for our weekly report. Don’t forget, this is our last weekly report for the year, but we will back the first Wednesday of January. Until then, from all of us here at Randall-Reilly, have a Merry Christmas and a Happy New Year. See you next time.