Randall-Reilly’s Weekly Report is back! Now that the holidays are officially behind us and we have started a brand new year, let’s dive right back in. Check out all the latest in trucking industry data on the program that takes a look back to help you move forward, Randall-Reilly’s Weekly 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 January 6, 2021, 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.
Hello everyone, we hope you had a Merry Christmas, and your New Year is off to a great start. I’m Joshua Miller, and welcome back to the Weekly Report, where every week we take a look back to help you move forward. Now for this week’s report.
This Week in Job Searches and Clicks
Truck driver searches were up 8% WoW, down 18% MoM, and up 63% YoY. Meanwhile truck driver postings were up 10% WoW, down 22% MoM, and down 52% YoY.
Both clicks and searches rebounded to some degree after low volumes for the week of Christmas, though clicks did not increase as much as expected. Experience level played a role as postings for experienced drivers increased 22% WoW, while those for inexperienced drivers fell 17% WoW.
This Week in Freight
Last week load volume recovered but truck postings dipped. This led to the highest ratio of loads to trucks ever in the Truckstop.com system.
Load volume was up 10% WoW while truck postings fell 2% WoW. The high load-to-truck volume ratio also resulted in spiking spot rates. Rates rose nearly 8¢ WoW coming after a 15¢ spike the week prior to that. The only time spot rates eclipsed this mark was back in June of 2018.
Dry van rates saw a record high after rising 6¢ WoW. Refrigerated rates were up 25¢, falling just short of the record high set in week 1 of 2018. Flatbed rates rose slightly resulting in the highest level since week 32 of 2018.
Story of the Week
The ongoing pandemic continues to make its mark on the industry. Before the onset of the pandemic, maritime container imports were more likely to sit in warehouses as shippers prepared for seasonal purchasing patterns and worked to evenly distribute freight across the country without straining carrier capacity.
As more people were either forced or chose to stay home, however, a wave of unexpected demand depleted warehouses for many internationally sourced items such as electronics, furniture, and appliances. This leads us to believe that the 2021 market could be shaping up to look somewhat similar to what we saw in 2018: a tight first half gradually loosening into the second half as vaccines become more widely and readily available allowing people to spend more money on travel and services as opposed to goods. With the existing backlog, however, it is likely that the market will remain tight into the peak summer months.
And that’s it for our weekly report. Thanks for joining us today, we look forward to seeing you right back here for a new report next Wednesday.