Randall-Reilly’s Weekly Report covering all the latest driver recruiting data for March 10, 2021 is here! Watch the full video report, listen to the audio version, or just get the highlights with the numbers at a glance section and downloadable PDF.
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Truck Driver Searches
|WoW: ∇ Down .5%|
|MoM: Δ Up 4%|
|YoY: ∇ Down 10%|
|WoW: ∇ Down 9%
This comes after 3 consecutive
weeks of record load volumes.
Volume by Segment
|WoW: Dry Van ∇ Down 20%
While down, it remains the second highest level ever.
|WoW: Refrigerated ∇ Down 14%
Volume total still equaled the 3rd strongest for refrigerated on record.
|WoW: Flatbed Δ Up .5%
Sets another weekly record.
Clicks On Truck Driver Postings
|WoW: ∇ Down 10%|
|MoM: Δ Up 8%|
|YoY: ∇ Down 47%
|WoW: ≡ Flat
|WoW: ∇ Down 2¢ per mile
First drop in 7 weeks.
Want to go over all of the trucking industry data yourself? No problem! All of the information covered in this week’s report is available for your convenience in PDF form below.
Hello everyone, welcome back to the Weekly Report, I’m Joshua Miller. Let’s get to this week’s numbers.
THIS WEEK IN JOB BOARD SEARCHES AND CLICKS
Last week saw a decrease in clicks across all segments, while search remained relatively flat. However, trainee/inexperienced driver search activity was up by 30% and helped to offset the decreases among the other driver types.
Truck driver searches were down .5% WoW, up 4% MoM, and down 10% YoY. Clicks on truck driver postings were down 10% WoW, up 8% MoM, and down 47% YoY.
While there are always many factors at play, these numbers indicate that interest among drivers is waning with more of a slow down when it comes to experienced drivers.
THIS WEEK IN FREIGHT
Spot volumes have finally begun to stabilize after a few uncertain weeks following winter weather disruptions. While load posting volume dropped by double digits WoW, the load volume for all three major segments remained at some of their highest levels ever.
Load volume in the Truckstop.com system fell 9% after hitting three straight weeks of record high volumes. Dry van load volume decreased by 20% WoW but remained at its second highest level ever. Likewise refrigerated fell by 14% WoW while still notching its third strongest on record. And flatbed postings inched up by .5% WoW and set another weekly high.
Truck postings remained largely unchanged WoW as did all three trucking segments. Spot rates dropped by 2¢ per mile, making this the first time we’ve seen a decrease in seven weeks. Spot rates had risen 23¢ over the course of the previous five weeks alone, and rates are about 35% higher than the same week in 2020.
With plenty of miles to go around and drivers not shopping around as much, you must be prepared to get competitive with pay and benefits, while also increasing attention on keeping your current drivers.
NOW FOR THE STORY OF THE WEEK
Department of Labor data show jobs in the for-hire trucking industry fell by 4,000 in the month of February. This marks the first month-to-month drop since last April’s major losses. At that time the industry saw 87,000 jobs lost. Overall, there are just over 49,000 FEWER trucking jobs today than there was this time last year.
Since April we have seen consistent recovery in trucking employment, with more than 47,000 jobs GAINED since last April. This latest dip in jobs seem to point to a potential slowdown in that recovery. The late February indicators, however, do point to the potential for renewed growth.
Overall, the transportation and warehousing sector added 4,400 jobs in February, with the gains driven by parcel delivery and last-mile services, which added 9,000 jobs, and transit and ground passenger transport, which added 8,600 jobs.
The economy at large added 379,000 jobs in February. And as the number of Covid cases drop, and the number of those vaccinated increase, we can only hope we are inching towards some form of normalcy sooner than previously thought possible.
So, big picture – what’s this mean? Wish we had more good news. But it seems that more drivers have left the industry, making it even more competitive to get drivers into your fleet. Beware as the stimulus checks begin to hit, this could take even more drivers out of the pool.
And that’s it for this week’s report. Come on back next week as we take another look back to help you move forward. Until then have a great week everybody.