ARLINGTON, Va. – American Trucking Associations (ATA) says turnover at large truckload fleets fell 81% in the third quarter, dropping to a new five-year low.
“Ongoing softness in the freight economy has contributed to an easing of the market for drivers and a reduced turnover rate,” said ATA chief economist Bob Costello. “Since the end of the third quarter, we have seen signs that we may be reaching the end of the poor inventory cycle that has driven a lot of the weakness in the freight economy, so we may see turnover rates rebound in the months to come.”
At its lowest point since the second quarter of 2011, the drop in turnover rates affected fleets with more than $30 million in annual revenue.
Turnover at smaller truckload fleets rose one point to 80%, while turnover at less-than-truckload carriers fell three points to 9%.
“Despite the falling turnover rate, carriers continue to report difficulty finding well-qualified drivers, a problem that will not only persist, but which will get worse as the freight economy improves,” Costello said.