The Weekly Report brings you updated data on recruiting metrics including click, search, and spot rates, plus a new story of the week. This week’s story – Congress steps in to force a rail agreement and avoid a costly strike.
Due to a delay in the release of weekly data there will be no video for the report this week. In an effort to make the information available as quickly as possible we have decided to forgo filming. A video version of our final report of the year will be made available next Wednesday, December 14, 2022.
|WOW: ■ Flat|
|Spot Rates by Segment|
|WoW: Dry Van ▲ Up 3¢ per Mile|
|WoW: Refrigerated ▼ Down 3¢ per Mile|
|WoW: Flatbed ▼ Down 2¢ per Mile|
|Load Posting Volume|
|WOW: ▲ Up 97%|
|Load Volume by Segment|
|WoW: Dry Van ▲ Up 117%|
|WoW: Refrigerated ▲ Up 53%|
|WoW: Flatbed ▲ Up 116%|
|WOW: ▲ Up 9%|
|Truck Driver Searches|
|WOW: ▲ Up 14%|
|MoM: ▼ Down 12%|
|YoY: ▼ Down 16%|
|Clicks on Truck Driver Postings|
|WOW: ▲ Up 25%|
|MoM: ■ Flat|
|YoY: ▲ Up 16%|
Search volume increased 14% WoW but fell 12% MoM and 16% YoY. For clicks on truck driving jobs, we saw an increase of 25% WoW, no change MoM, and an increase of 16% YoY.
Load volume came roaring back following the Thanksgiving holidays. It is typical to see an increase in volume anywhere from 65%-85%, this year however, the increase came in at a 97% increase.
Each segment saw large jumps in spot volume activity. Dry van load volume shot up 117%, refrigerated climbed 53%, and flatbed rose 116% WoW.
Truck availability also increased, though not nearly as drastically. Availability notched a 9% WoW increase.
Spot rates remained flat overall with dry van increasing by 3¢ per mile WoW, while refrigerated rates dipped by 3¢, and flatbed declined by 2¢.
The feared rail strike has been averted! With the December 9th deadline fast approaching and four unions (including two of the largest) failing to reach an agreement, Congress stepped in.
The deal in question includes a 24% pay raise and an increase of sick days, with the paid sick days being the main sticking point. Union leaders sought 15 days of paid leave, however, the White House brokered agreement only provided for one.
Last Wednesday the House of Representatives passed a bill to adopt the agreement with a vote of 290 to 137, achieving bipartisan support. A later separate vote to add 7 days of sick leave passed by a much smaller margin of 221 to 207.
The following day, the Senate took up the matter and voted on the two bills. While they did vote in favor of the overall agreement, the additional bill addressing sick days was voted down. The Senate voted 80 to 15 in favor of enforcing the labor agreement, with the sick day bill falling short of the necessary 60 votes to pass in the U.S. Senate.
Though the White House and some in Congress were not wholly satisfied with the resolution, all involved (in Washington) have reacted positively to avoiding the potential strike which would have cost an estimated 2$ billion a day.
SMART TD, the second largest rail union (representing 28,00 conductors), released a statement calling the Senate’s failure to pass the extra sick days, “extremely disappointing.”
The statement continued, “The ask for sick leave was not out of preference, but rather out of necessity. No American worker should ever have to face the decision of going to work sick, fatigued or mentally unwell versus getting disciplined or being fired by their employer, yet that is exactly what is happening every single day on this nation’s largest freight railroads.”