Welcome back to the weekly report. After you’ve watched the video don’t forget to download the full report PDF or take a look at the all new Weekly Report Numbers at Glance. We look forward to seeing you back here next week for an all new report!
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 February 3, 2021, Weekly Report below.
Want to go over all of the trucking industry data yourself? No problem! For All of the information covered in our Weekly Report video is available for your convenience in PDF form below.
Truck Driver Searches
|WoW: ≡ Flat 0%|
|MoM: Δ Up 7%|
|YoY: Δ Up 72%|
|WoW: Δ Up 14%|
|WoW: ∇ Down 5%|
Clicks on Truck Driver Postings
|WoW: ∇ Down 9%|
|MoM: Δ Up 10%|
|YoY: ∇ Down 42%|
Load Posting by Segment
|Dry Van WoW: Δ Up 20%|
|Refrigerated WoW: Δ Up 20%|
|Flatbed Wow: Δ Up 10%|
|WoW – Overall Rates: Δ Up 4¢ per mile|
|Largest WoW Change – Flatbed: Δ Up 7¢|
Welcome to the Weekly Report. Now before we jump into this week one quick note – our Weekly Reports are available in a couple of different places including YouTube and our blog, but it’s our blog I wanted to mention today. By popular demand we’ve added a few a things to our posts on RandallReilly.com to make it easier and more convenient for you.
For each Weekly Report blog post you’ll find the video itself, an audio player should you just want to listen to the report, as well as a full transcript and a download covering all the data for the week. And starting this week we’ll also feature a Numbers at a Glance section that compresses and summarizes all of the big takeaways in an easy-to-read visual format for those of you who prefer that. So, if you haven’t checked out the report over on our blog, I’d encourage you to give it a look see. All right? Now this week’s report.
This Week in Job Board Searches and Clicks
Job board activity held steady while clicks dropped. Postings for student or inexperienced drivers saw in increase in searches, but a decrease in clicks, while postings for experienced drivers decreased in both searches and clicks.
As mentioned, truck driver searches were flat with no change WoW, but they were up 7% MoM, and 72% YoY. Clicks on truck driver postings were down 9% WoW, up 10% MoM, and down 42% YoY.
This Week in Freight
A new record was set as Truckstop.com load volume rose by 14% WoW. Load postings rose for each of the three key segments: dry van was up 20% WoW, refrigerated was up 20% WoW, and flatbed was up 10% WoW. And it should be noted that flatbed volume is also now at a record level.
Truck postings dropped 5% WoW, and postings for each of our three key segments fell as the ratio of loads to trucks in the truckstop.com system jumped to the third highest level ever.
Spot rates were up 4¢ a mile. This marks the first increase in spot rates for 2021. Flatbed rates were the largest increase WoW rising by 7¢.
Freight remains way up and driver capacity is as tight as ever. This means lead costs and hire costs will most likely increase. Fleets cannot afford to miss a driver that’s in market. So be prepared to compete!
Now for Our Story of the Week
As we’ve mentioned before here on the Weekly Report, in 2020 we saw fundamental shifts in consumer behavior and purchasing trends. This resulted in a high level of freight volatility, but freight demand finished strong and sets up 2021 for a great start. The increase in e-commerce has given a major tailwind to the transportation market.
2020 also saw a decrease in available drivers that has not only challenged capacity, but it has led to the increase in spot and contract rates. Truck purchases and the desire for new drivers remains high but catching back up will take some time. Attractive economics and growth trends should benefit carriers throughout 2021. Asset-based full truckload carriers should expect to continue to see positive pricing trends and loads. And LTLs should expect to continue to see FTL spill over on top of their already strong pricing dynamics.
Overall, it looks to be a great year for trucking, but drivers will be difficult to come by. We here at Randall-Reilly will be keeping an eye on any stimulus movement as it could affect the number of drivers leaving the market.
And that’s it for this week’s report. As I mentioned at the top if you haven’t already head over to the blog at RandallReilly.com where you can find a full transcript of this week’s show, an audio version, a full report pdf, and the all-new numbers at a glance. For the Weekly Report, the show where we take a look back to help you move forward, I’m Joshua Miller. Have a great week everybody.