Annualized turnover rates at large truckload fleets fell another 6 percentage points to 83 percent in the second quarter of 2016, the lowest level in five years, according to the American Trucking Associations.
Annualized driver turnover rates at large truckload fleets slipped another 6 percentage points to 83 percent during the second quarter of 2016 following a 13 percentage point drop in the first quarter, according to the latest figures from the American Trucking Associations (ATA).
ATA noted the second quarter driver turnover rate was the lowest since the second quarter of 2011.
The first quarter decrease for large truckload fleets followed two consecutive quarters above 100 percent, the first such streak since 2012. Average churn rate for large truckload carriers stood at 93 percent for the full year in 2015.
For small truckload carrier fleets—those with less than $30 million in annual revenues—ATA said the annualized driver turnover rate dropped another nine points to 79 percent after falling one point the previous quarter, the lowest level since third quarter 2015. Turnover at small truckload operators averaged 79 percent in 2015.
The turnover rate at less-than-truckload carriers remained significantly lower than at their truckload counterparts despite rising four points to 12 percent.
“The continued decline in the turnover rate reflects the continued choppiness in the freight economy,” ATA Chief Economist Bob Costello said in a statement. “As we hopefully approach the end of this period of elevated inventories later this year, freight demand will pick back up leading to increased demand for drivers and higher turnover rates in the future.
“Though the turnover rate continues to fall at truckload carriers, finding enough qualified drivers remains a concern for many carriers,” he added.
ATA published a report last October estimating the shortage of drivers in the trucking industry would reach 48,000 by the end of 2015 and could grow to as many as 175,000 by 2024.
ATA: Driver turnover decline continues at truckload carriers
