Driver Turnover Dips but Remains Over 100% in Third Quarter, ATA Says
The driver turnover rate at large truckload carriers dipped 2% in the third quarter but held over 100%, while churn at smaller carriers rose to a five-year high, American Trucking Associations said Tuesday.
For large truckload fleets with more than $30 million in revenue, turnover slipped to 104% from the second-quarter’s 106% annualized rate, which had been the highest since late 2007.
“Increasing competition for quality drivers, coupled with gradual, albeit choppy, growth in demand for trucking services, continues to put pressure on the driver market,” ATA Chief Economist Bob Costello said in a statement.
“These numbers continue to reflect a tight driver market, and an actual shortage for drivers,” he added. “We believe the industry is actually short between 20,000 and 25,000 drivers, but if freight volumes were to accelerate I would expect that number to grow rapidly.”
The two quarters marked the first time since 2007 the turnover rate has been over 100% for two consecutive quarters. Prior to this year, the last time turnover topped 100% was in the first quarter of 2008.
At smaller truckload fleets with less than $30 million in revenue, turnover jumped 8% to 94%, its highest point since the first quarter of 2007, ATA said.
Turnover at less-than-truckload fleets averaged 8% in the quarter, dipping from 9% in the previous quarter and marking the fourth consecutive quarter the LTL rate has been below 10%.
