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 – What matters to young drivers? As it turns out – more than just pay.
Watch the all-new Digging Deeper featuring Kyle Jernigan and Zack Flippo.
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|WOW: ▲ Up 3¢ per Mile|
|Spot Rates by Segment|
|WoW: Dry Van ▲ Up 2¢ per Mile|
|WoW: Refrigerated ■ Flat per Mile|
|WoW: Flatbed ▲ Up <1¢ per Mile|
|Load Posting Volume|
|WOW: ▲ Up 20%|
|Load Volume by Segment|
|WoW: Dry Van ▲ Up 20%|
|WoW: Refrigerated ▼ Down 7%|
|WoW: Flatbed ▲ Up 24%|
|WOW: ▲ Up 21%|
|Truck Driver Searches|
|WOW: ▼ Down 7%|
|MoM: ▼ Down 8%|
|YoY: ▼ Down 21%|
|Clicks on Truck Driver Postings|
|WOW: ▼ Down 1%|
|MoM: ▼ Down 10%|
|YoY: ▲ Up 14%|
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 20, 2022, is available for your convenience in PDF form below. Click the image to view and download your copy of the Weekly Trucking Insight.
Hello everyone and welcome back to the Weekly Report. For Randall Reilly, I’m Joshua Miller. I know it’s been a few weeks, sorry about that – but we’re back today with all the updated numbers for searches, clicks, and more.
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Now let’s get to this week’s report.
A lot of red for searches and clicks as searches were down across the board. Searches declined 7% WoW, 8% MoM, and 21% YoY. For clicks, there were drops of 1% WoW and 10% MoM, but an increase of 14% YoY.
Total load postings shot up 20% WoW. Dry van posting volume increased 20%, while refrigerated loads declined by 7%, and flatbed load postings rose by 24% WoW.
Total truck availability also saw a large jump as it increased by 21% as the overall load-to-truck ratio eased slightly.
Overall spot rates increased by 3¢ per mile WoW. Dry van rates increased by 2¢, refrigerated rates remained flat, and flatbed increased – but just slightly, less than 1¢ per mile WoW.
The overall increase in spot rates outpaced the individual segments due to the mix of freight that changed. The spot market has historically not had much upward pressure in late July and early August, but lingering supply chain issues have the potential to disrupt seasonality.
What’s important to today’s younger drivers? While pay is important, it’s not the only thing that ranks highly among the segment. The American Transportation Research Institute (ATRI) released a study examining the attitudes and expectations of 18 to 25-year-olds.
The survey shows that only 40% of respondents view pay as the top factor when it comes to joining or remaining with a particular carrier. Having a stable career, a love of driving, and a work-life balance all rank highly and were listed as the top factor by at least 10% of those surveyed.
Another 84% consider company culture important, with many saying they dislike a cutthroat environment and much prefer a collaborative environment where managers, dispatchers, and other drivers see themselves as part of the same team.
20% of respondents cited the importance of transparency. Suggestions included making job postings more explicit about expectations or requirements and posting “day in the life” videos or other similar content to help convey a sense of what a job in trucking is actually like.
The study also shows the importance of family and what role it plays when young drivers enter the industry. A full 73% were introduced to trucking by a family member already in the trucking industry.
And that does it for this week’s report. Thanks so much for joining us. We hope the information has been useful to you. As always you can download your own PDF copy of everything we covered today. The link for that PDF is available in the description section on the YouTube video and in the main body of the page on our Randall Reilly site.
Join us again next week as we take another look back to help you move forward. Until then, have a great week everybody.