weekly trucking insight
TRANSCRIPT
July 21, 2021 | Recruiting
Weekly Trucking InsightOverviewJob Board Searches and ClicksLast week saw a large increase in the number of truck driver searches, but clicks only inched upwards slightly.
Spot Freight MarketSpot rates excluding fuel surcharges dropped by 2 cents per mile (CPM) WoW.• Load posting volume in the Truckstop.com fell 6% WoW.
• This is surprising because usually posting volume increases the week after a holiday.
• Truck availability on the spot market increased slightly (+0.3%) WoW.
Story of the WeekThe Bureau of Labor Statistics (BLS) shows that there are about 38,300 fewer drivers employed in June 2020 than at the beginning of the pandemic.
• There is good reason to believe that many of the drivers who are no longer employed by a company are now self-employed.
• There has been a large surge in the number of new for-hire trucking companies beginning operation.
This suggests that trucking companies hiring company drivers are not only facing stiff competition from other fleets at this time, they are also needing to convince drivers that it makes sense to remain a company driver instead of becoming an owner-operator.
Numbers at a Glance
TRUCK POSTINGS
WoW: s Up .3%
LOAD VOLUME
WoW: t Down 6%
VOLUME BY SEGMENT
WoW: Dry Van t Down 13%
WoW: Refrigerated t Down 18%
Wow: Flatbed s Up 4%
RATES BY SEGMENT
WoW: Dry Van t Down 1¢ per mile
WoW: Refrigerated t Down 5¢ per mile
WoW: Flatbed t Down 11¢ per mile
SPOT RATES
WoW: t Down 2¢ per mile
randallreilly.com
July 21, 2021 | RecruitingWeekly Trucking Insights
TRUCK DRIVER SEARCHES
WoW: s Up 26%
MoM: s Up 12%
YoY: s Up 10%
CLICKS ON TRUCK DRIVER POSTINGS
WoW: s Up 1%
MoM: s Up 1%
YoY: s Up 15%
July 21, 2021 | Recruiting
This Week in Job Board Searches & ClicksSearches and Clicks on Job Aggregator Partner Network1
Last week saw a large increase in the number of searches, but clicks barely inched upwards.• As a result, click-through rate dropped by quite a bit.
• Clicks increased for postings for experienced company drivers and teams; they decreased on postings for owner-operators and inexperienced/trainee positions.
1 Job board data is aggregated from many partners.
Truck Driver Searches
Clicks on Truck Driver Postings
vs 1 Week Ago:
s 1%
vs 1 Month Ago:
s 1%
vs 1 Year Ago:
s 15%
vs 1 Week Ago:
s 26%
vs 1 Month Ago:
s 12%
vs 1 Year Ago:
s 10%
Weekly Trucking Insights
Truck Driver Searches2021 Searches 2020 Searches
Week Number
4,000,000
3,000,000
2,000,000
1,000,000
-20 21 22 23 24 25 26 27 28 29
Clicks on Truck Driver Postings2021 Clicks 2020 Clicks
Week Number
200,000
150,000
100,000
50,000
-20 21 22 23 24 25 26 27 28 29
randallreilly.com
This Week in Spot FreightSpot volume falls in possible sign of van market easing.2
Spot rates excluding fuel surcharges dropped by 2 cents per mile (CPM) WoW.
Rates have declined in five of the last seven weeks.
Dry Van: -1¢ CPM | Refrigerated: -5¢ CPM | Flatbed: -11¢ CPM
Load posting volume in the Truckstop.com fell 6% WoW.This is surprising because posting volume usually increases the week after a holiday
Dry Van: -13% WoW | Refrigerated: -18% WoW | Flatbed: +4% WoW
Truck availability on the spot market increased slightly (+0.3%) WoW.The overall ratio of loads to trucks declined to its lowest point since week 6.
July 21, 2021 | RecruitingWeekly Trucking Insights
Spot Rates Excluding Fuel Charges
-2¢ CPM
Load Postings in Truckstop.com
-6% WoW
Truck Availability on Spot Market
+0.3% WoW
WOW Rates
2 Data is taken from Truckstop. To read Truckstop’s full weekly report, click here.
randallreilly.com
July 21, 2021 | RecruitingWeekly Trucking Insights
Story of The WeekDriver Shortage’ claims miss self-employment explosion.3
The Bureau of Labor Statistics (BLS) shows that there are about 38,300 fewer drivers employed in June 2021 than at the beginning of the pandemic.• By definition, the BLS’s payroll data only looks at drivers
employed by a company.• It becomes much more difficult to track owner-operators
since the U.S. government does not track what industries self-employed people belong to.
There is good reason to believe that many of the drivers who are no longer employed by a company are now self-employed: there has been a large surge in the number of new for-hire trucking companies beginning operation.• This would leave the total pool of drivers largely the same,
but it would project the appearance of a driver shortage.• From 2018 to the dawn of 2020, only four months saw more
than 4,000 new launches. In 2021, not a single month has seen fewer than 6,000 launches.• June had more than 10,000 new companies starting.• Most of these new carriers are very small, and if even
a small portion of former employee drivers became owner-operators, that would offset the employed driver shortage.
This suggests that trucking companies hiring company drivers are not only facing stiff competition from other fleets at this time; they are also needing to convince drivers that it makes sense to remain a company driver instead of becoming an owner-operator.• Additionally, the trucking industry still faces an uphill battle in
attracting and retaining talent at this time.
3 Lockie, Alex. “A new shortage is impacting the freight market, and it has nothing to do with drivers.” 17 Jul 20211, ccjdigital.com.
