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 – September truck orders reach new all-time high!
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|WOW: ▲ Up 2¢ per Mile|
|Spot Rates by Segment|
|WoW: Dry Van ▲ Up 3¢ per Mile|
|WoW: Refrigerated ▲ Up 4¢ per Mile|
|WoW: Flatbed ▼ Down 1¢ per Mile|
|Load Posting Volume|
|WOW: ▲ Up 6%|
|Load Volume by Segment|
|WoW: Dry Van ▼ Down 2%|
|WoW: Refrigerated ▲ Up 7%|
|WoW: Flatbed ▲ Up 13%|
|WOW: ▼ Down 2%|
|Truck Driver Searches|
|WOW: ▼ Down 1%|
|MoM: ▼ Down 14%|
|YoY: ▼ Down 33%|
|Clicks on Truck Driver Postings|
|WOW: ▲ Up 11%|
|MoM: ▼ Down 11%|
|YoY: ▲ Up 5%|
Would you like to have your own copy of the trucking industry data? All of the information covered in this week’s report for October 12, 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. If you like our videos don’t forget to like, share, and subscribe so you never miss a new report. Now let’s get to this week’s report.
Searches were down all the way around with declines of 1% WoW, 14% MoM, and 33% YoY. Clicks were up 11% WoW, down 11% MoM, and up by 5% YoY.
Total load postings rose by 6% WoW. That number comes in 45% below the same week in 2021 and sits 3% below the five-year average for the week. For postings, by segment we saw a 2% drop for dry van load postings, but increases of 7% for refrigerated, and flatbed ticked up by 13% WoW.
Load postings were up the most in the Midwest and Southeast with the largest drops taking place out on the West Coast.
Truck availability fell by 2% WoW as the overall load-to-truck ratio increased to highest level in four weeks.
Overall spot rates edged up by 2¢ per mile WoW. Dry van increased by 3¢, refrigerated rose by 4¢, and flatbed declined by 1¢ per mile WoW. That represents a 24% drop YoY compared to the same week of 2021.
Class 8 orders set an all-time record in September. The net orders reached 56,500 units, which is the most ever orders in a single month. The record high is reflective of OEMs fully opening the order books for 2023 a bit earlier than typical. Monthly orders through Q4 will likely depend on just how far into 2023 the manufacturers continue to accept orders for.
It is expected that the lingering supply chain bottlenecks and labor shortages will continue to impede truck production well into 2023. To combat this, truck manufacturers have been limiting future truck orders to quantities that mirror their monthly build rates, which has caused pent-up demand for more truck orders.
Many large national fleets are getting orders in as early as possible based solely on replacement demand. Limited availability of new equipment has caused fleets to hang on to trucks longer than normal and kept fleets from phasing out older trucks over the past two years.
Between 2015 and 2018 the average age of Class 8 trucks hovered under 4 years old, but with all the shortages and supply chain issues wreaking havoc on the industry, the average age is now closer to 4 ½ years old. As a result, the replacement demand is highly likely to remain elevated throughout 2023.
That does it for this week’s report. Don’t forget to download your own PDF copy of everything we went over today. A link to that PDF is available in the description on YouTube and the main body of the page on our Randall Reilly site. Come on back and see us next week when we’ll take another look back to help you move forward. Until then, have a great week everybody.