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 – The enforcement of California’s AB 5 law means up to 70,000 owner-operators could be out of work in the state.
Due to COVID we will have no video this week. We should be back up and running with our normal video next week (hopefully). Other resources such as numbers at a glance, the downloadable PDF, and the planned script for week’s report are available below.
The latest Digging Deeper premieres Thursday, July 14th at 2 PM CST (the premiere is immediately followed by a LIVE Q&A session). Join us and Dave and his guests, Zack Flippo and Kyle Jernigan discuss the one thing that 90% of fleets fail to do.
We provide the Weekly Report in numerous formats every week. Which one is right for you? Watch the latest reports on our Talent Intelligence Resource page or YouTube channel, use our Numbers at a Glance section for quick visual references, download the Weekly Report PDF (available below), and read the transcript below.
|WOW: ▼ Down 13¢ per Mile|
|Spot Rates by Segment|
|WoW: Dry Van ▼ Down 6¢ per Mile|
|WoW: Refrigerated ▼ Down 22¢ per Mile|
|WoW: Flatbed ▼ Down 13¢ per Mile|
|Load Posting Volume|
|WOW: ▼ Down 28%|
|Load Volume by Segment|
|WoW: Dry Van ▼ Down 28%|
|WoW: Refrigerated ▼ Down 23%|
|WoW: Flatbed ▼ Down 28%|
|WOW: ▼ Down 28%|
|Truck Driver Searches|
|WOW: ▲ Up 7%|
|MoM: ▲ Up 7%|
|YoY: ▲ Up 7%|
|Clicks on Truck Driver Postings|
|WOW: ▲ Up 23%|
|MoM: ▼ Down 4%|
|YoY: ▲ Up 16%|
Would you like to have your own copy of the trucking industry data? All of the information covered in this week’s report for July 13, 2022, is available for your convenience in PDF form below.
Hello everyone and welcome to the Weekly Report. For Randall Reilly, I’m Joshua Miller. We’re back with all the latest data after taking a quick break off last week. But before I dive into the numbers, don’t forget there is an all-new Digging Deeper debuting tomorrow. The online premiere will be immediately followed by a live Q&A session.
To attend the premiere and Q&A you must register, the link provided below. Now let’s get to this week’s report.
Searches were up 7% all the way across the board. WoW, MoM, and YoY figures each recorded increase of 7%. Clicks varied a little more with a 23% increase WoW, a dip of 4% MoM, and an increase 16% YoY.
Total load volume fell by a full 28% with each of the three major segments seeing major dips. Declines are not out of the ordinary for a 4th of July holiday week, but it is weaker than the 2020 and 2021 performance for the same holiday week and may be a sign that the spot market is beginning to normalize.
Dry van load volume was down 28%, refrigerated fell by 23%, and flatbed was down 28% WoW as load volume fell in all regions last week.
The overall truck availability also fell by 28% compared to the previous week as the overall load-to-truck ratio remained the same.
Spot rates fell 13¢ per mile WoW. This was the largest decrease since the beginning of 2021 and is the third-largest on record.
Dry van rates fell by 6¢, refrigerated was down 22¢, and flatbed saw a decline of 13¢ per mile WoW. It’s also worth noting that the individual refrigerated, and flatbed rate drops were also some of the largest on record.
70,000 owner-operators are in a tough spot as the Supreme Court refuses to hear California’s AB 5 case. With that refusal to hear the case, the law, which effectively bans motor carriers from contracting with traditional owner-operators in California, will take effect.
Under the law, the common practices of drivers leasing their equipment to a carrier to run under their authority, and the ability for owner-ops to retain their own authority and contract to haul freight for a larger carrier, are now banned.
The California Trucking Association (CTA) says that 70,000 independent owner-operators in California now have seven days to cease their independent businesses. The state itself has provided no official guidance to owner-operators regarding how or whether they’d be able to work as an independent contractor under the law at all.
As you may expect, the CTA is warning of “devastating repercussions” to the already strained supply chain. Meanwhile, the International Brotherhood of Teamsters calls AB 5 “a significant victory in the Teamsters’ decades-long battle against misclassification in trucking.”
And that does it for this week’s report. You can get a PDF copy of all the information we covered today in the YouTube description or in the main body of the page on our Randall Reilly site. Don’t forget to sign up for the Digging Deeper premiere taking place tomorrow, July 14th at 2 PM CST. We look forward to seeing you again next week as we take another look back to help you move forward. Until then, have a great week everybody.