FreightWaves’ team of data scientists has figured out a way to answer one of the most asked questions in the trucking industry: how many Class A truck drivers are there actively employed in the market today?
The driver shortage is not a new concept. The challenges of finding drivers in today’s world are plentiful. The long hours and isolation are not as appealing to the younger generation as it was to their parents’. Combine the unique lifestyle with the relatively low hourly wages compared to other jobs available in the same pay range and you get 60-100% turnover ratios. Even when jobs are harder to find when the economy is slower, driver turnover is still an issue since they are in high demand and short supply.
FreightWaves’ data team has derived an estimate of total driver employment as much as a month ahead of time by utilizing some of our proprietary data in combination with some historical employment level information.
Estimated Truck Drivers – DRVR – This is an estimation for truck drivers across all industries, including, but not limited to, the transportation sector. The actual number was last reported by the BLS in March of 2018 for May of 2017. FreightWaves offers estimates up to the current month.
Estimated For-Hire Trucking Employment – DRVRE – This is an estimation of the non-seasonally adjusted employment level in thousands for the truck transportation sector. This includes drivers and non-drivers. The actual number is reported monthly by the BLS. FreightWaves will offer the estimated value up to a month in advance.