Randall-Reilly’s Weekly Report for March 24, 2021 is here. Watch, listen, or just take in the highlights with our quick visual reference tool, Numbers at a Glance. As always a downloadable PDF detailing all the information we cover is available below as well. Check back in every Wednesday for a brand new Weekly Report.
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Truck Driver Searches
|WoW: ∇ Down 2%|
|MoM: ∇ Down 9%|
|YoY: ∇ Down 22%|
|WoW: Δ Up 4%|
Volume by Segment
|WoW: Dry Van ∇ Down 8%
75% higher than the same week in 2020.
|WoW: Refrigerated ∇ Down 1%
37% higher than the same week in 2020.
|WoW: Flatbed Δ Up 10%
Sets an all-time weekly record for the fourth straight week and volume is now 140% higher than the same week in 2020.
Clicks On Truck Driver Postings
|WoW: ∇ Down 17%|
|MoM: ∇ Down 29%|
|YoY: ∇ Down 52%
|WoW: ∇ Down 4%
Truck Posting by Segment
|WoW: Dry Van Δ Up 3%|
|WoW: Refrigerated ∇ Down 8%|
|WoW: Flatbed ∇ Down 5%|
|WoW: Δ Up 2¢ per mile|
Rates by Segment
|WoW: Dry Van ∇ Down 4¢ per mile|
|WoW: Refrigerated Δ Up 4¢ per mile|
|WoW: Flatbed Δ Up 3¢ per mile
Rates are 28% higher than same week in 2020.
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.
Welcome back. I’m Joshua Miller and today is Wednesday, March 24th … you know what that means. It’s time for the Weekly Report. Let’s jump right in.
THIS WEEK IN JOB BOARD SEARCHES AND CLICKS
Job board activity remained fairly consistent, however clicks on the postings took a tumble. All major driver segments recorded the lowest weekly click totals of the year. This low level of click activity could be a byproduct of the recent stimulus creating less urgency for drivers to find a job, allowing them to be more selective in which posts they click.
Truck driver searches were down across the board by 2% WoW, 9% MoM, and 22% YoY. Likewise clicks on posts were down 17% WoW, 29% MoM, and 52% YoY.
It would seem the current state of lower clicks and searches could be the new normal as we move forward in 2021.
THIS WEEK IN FREIGHT
Load postings rose by 4% WoW offsetting last week’s decline. Though dry van and refrigerated postings both declined, levels are still surpassing those seen at the same time last year. Dry van fell 8% WoW – but volume was 75% higher than 2020. Refrigerated dropped 1% WoW and comes in at 37% higher than the same week in 2020. Flatbed postings, however, were a different story. For the fourth consecutive week flatbed load postings set an all-time weekly high and rose by 10% WoW, which puts it ahead of last year by 140%.
Truck postings declined by 4% WoW, with dry van being the only segment to increase from the previous week with a 3% rise WoW. Refrigerated fell by 8% WoW and flatbed dropped by 5% WoW.
Spot rates were up 2¢ per mile. And here dry van was the odd man out as rates for dry van fell 4¢ WoW as Refrigerated rose by 4¢ and flatbed climbed by 3¢ WoW. These rates come as ratio of loads to trucks is now at the third highest level on record, and rates overall are – you guessed it … still trending above this time last year. 28% higher in fact.
Now let’s switch gears and jump into our
STORY OF THE WEEK
Last year saw a major drop in truck inspections due to COVID, but it’s expected that 2021 will see those numbers rebound. Overall inspections fell 23% YoY in 2020 – and in case you’re wondering that equates to 800,000 fewer inspections than 2019.
As coronavirus cases decline, vaccines roll out, and states begin to relax COVID restrictions, it becomes more likely that we will see those inspection numbers begin to rise and be a little more in line with pre-pandemic numbers. It’s very possible inspections could top over 3 million this year as compared to the 2.7 million performed in 2020, but so far in 2021 we haven’t seen a full rebound. The months of January and February of this year had 34% fewer inspections than the same time in 2020 just before the pandemic kicked in, but since most inspections typically happen during warmer weather months we still have plenty of time to reverse the trend.
This expected uptick in inspections and the looming possibility of idle trucks could present recruiters with the opportunity to use newer trucks as an attractive incentive to land the new drivers fleets are after.
And while we’re on the subject of truck inspections here a couple events and dates you may want to be aware of and circle on the calendar. CVSA’s International Roadcheck, which emphasizes lighting and service, is set for May 4th through the 6th and their Brake Safety Week is scheduled for August 22nd through August 28th.
And that’s it for another edition of the Weekly Report. Don’t forget to check in with us every Wednesday for updated numbers and our latest story of the week. You can find us on the Randall-Reilly.com blog, our YouTube page, or our various other social media accounts. Until next time, have a great week everybody.