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 – Federal Reserve interest rate hikes could help drive used equipment costs down.
The latest episode of Digging Deeper will tackle TikTok with the help of guests Kyle Jernigan and Zack Flippo. Everything you ever wanted to know and more!
Click here to register for the premiere of “TikTok, Boomers, Zoomers, and You.” Premieres Thursday, May 12th at 2 PM CST.
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), read the transcript, or listen to the audio version of May 11, 2022, Weekly Report below.
|WOW: ▲Up 1¢ per Mile|
|Spot Rates by Segment|
|WoW: Dry Van ▲Up 1¢ per Mile|
|WoW: Refrigerated ▲Up 5¢ per Mile|
|WoW: Flatbed ▼Down 2¢ per Mile|
|Load Posting Volume|
|WOW: ▲Up 1%|
|Load Volume by Segment|
|WoW: Dry Van ▲Up 8%|
|WoW: Refrigerated ▲Up 2%|
|WoW: Flatbed ▼Down 1%|
|WOW: ▲Up 15%|
|Truck Driver Searches|
|WOW: ▲Up 7%|
|MoM: ▼Down 12%|
|YoY: ▲Up 9%|
|Clicks on Truck Driver Postings|
|WOW: ▲Up 13%|
|MoM: ▲Up 8%|
|YoY: ▲Up 31%|
Would you like to have your own copy of the trucking industry data? All of the information covered in this week’s report for May 11, 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 to the Weekly Report. For Randall Reilly, I’m Joshua Miller. Before we jump into today’s report don’t forget we have a brand-new episode of Digging Deeper debuting online tomorrow at 2 pm CST. To watch the premiere and live Q&A session that follows click the link below.
Now on to this week’s report.
Searches rose by 7% WoW, fell 12% MoM, and were up 9% YoY. Clicks saw gains across the board. There were increases of 13% WoW, 8% MoM, and 31% YoY.
Total load postings increased by 1% WoW with dry van postings rising by 8%, and refrigerated increasing by 2%, while flatbed dipped by 1% WoW.
Truck availability shot up by 15% WoW as the overall load-to-truck ratio fell to its lowest level since all the way back in November of 2020.
Spot rates inched up by 1¢ per mile WoW. That brings the total spot rate just 8¢ below the record posted at the end of June 2021, however, the rate excluding fuel is still 40¢ below the record.
Dry van rates rose by 1¢, as refrigerated increased by 5¢, and flatbed rates fell by 2¢ per mile WoW.
Before we move on to the story of the week don’t forget the CVSA Roadcheck event is set for May 17-19th and you can expect the spot market to be majorly affected during this time as many drivers will take time off to avoid the added hassle. So, just keep that in mind as approach the event.
The rising interest rates could actually help drive down used truck values. We have seen the cost of used equipment skyrocket as OEMs have continued to struggle to meet the demand for new trucks and trailers.
Used truck prices have effectively doubled in the past year, while used trailer prices have shot up by nearly triple. And moving forward, industry leaders are not expecting the build rates to increase through 2022.
There could be a sliver of hope though, as the Federal Reserve’s interest rate hike could help bring the costs down. Last week the short-term interest rate was increased by ½%, which also happens to be the biggest single hike in more than two decades.
The hope is that this increase will help correct the asset inflation we have been experiencing. Fleets are encouraged to step up their fleet maintenance and shift to a multi-supplier approach as the new equipment is increasingly difficult to find.
With high prices and equipment constraints expected to continue, maintaining currently owned equipment has become paramount. No single equipment supplier has enough product available, which is why so many fleets have been forced to contact multiple suppliers to source the equipment needed.
That does it for this week’s report. You can download your own copy of all the data we covered today in PDF form available in the YouTube description or on the body of the page if you’re watching over on our Randall Reilly site. That link to register for the Digging Deeper premiere happening tomorrow is also available there, so if you haven’t already, click it and sign up to check out the latest episode in which Dave and his guests cover TikTok.
We look forward to you joining us next week as we take another look back so you can move forward. Until then, have a great week everybody.