The Weekly Report brings you updated data on recruiting metrics including click, search, and spot rates, plus a new story of the week. This week’s story – Teamsters receive a $36 billion bailout from Washington.
New episodes of the Weekly Report premiere every Wednesday at 10 AM CT on our YouTube channel and Talent Intelligence Resource page.
We provide the Weekly Report in numerous formats every week. Which one is right for you? Watch the latest reports on our Talent Intelligence Resource page or YouTube channel, use our Numbers at a Glance section for quick visual references, download the Weekly Report PDF (available below), read the transcript, or listen to the audio version of December 14, 2022, Weekly Report below.
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Numbers at a Glance
|WOW: ▼ Down 6¢|
|Spot Rates by Segment|
|WoW: Dry Van ▼ Down 5¢ per Mile|
|WoW: Refrigerated ▼ Down 15¢ per Mile|
|WoW: Flatbed ▼ Down 6¢ per Mile|
|Load Posting Volume|
|WOW: ▼ Down 19%|
|Load Volume by Segment|
|WoW: Dry Van ▼ Down 19%|
|WoW: Refrigerated ▼ Down 22%|
|WoW: Flatbed ▼ Down 20%|
|WOW: ▼ Down 7%|
|Truck Driver Searches|
|WOW: ▲ Up 15%|
|MoM: ▼ Down 1%|
|YoY: ▼ Down 15%|
|Clicks on Truck Driver Postings|
|WOW: ▲ Up 8%|
|MoM: ▼ Down 8%|
|YoY: ▼ Down 8%|
December 14, 2022 Driver Recruiting Insights
Weekly Report Transcript – December 14, 2022
Hello everyone and welcome to the Weekly Report. For Randall Reilly, I’m Joshua Miller. This will be the final edition of our show for 2022.
We’ll be back next year with a new format and all kinds of other goodies for you so be sure to check back with us in January … and don’t worry we’ll put out some messages on social media to let you know exactly when we’ll be kicking back off. But for now, let’s get to this week’s report.
THIS WEEK IN JOB BOARD SEARCHES AND CLICKS
Activity for both searches and clicks increased compared to last week, but everything else was in the red. Searches were up 15% WoW but declined 1% MoM and 15% YoY. Clicks increased 8% WoW and fell by 8% in both the MoM and YoY categories.
THIS WEEK IN FREIGHT
Overall load volume fell by 19% WoW after that massive increase following Thanksgiving. That number is 52% below the same week of 2021 and 17% below the five-year average. Aside from Thanksgiving, the total load activity hit its lowest levels since the December holidays of 2021. By segment, we saw dry van volume fall by 19% as well, while refrigerated fell by 22% and flatbed declined by 20% WoW.
Truck availability dipped by 7% WoW as the ratio of loads-to-trucks dipped but remained higher than the MDI during the week before Thanksgiving.
For spot rates, we saw an overall drop of 6¢ per mile WoW and all three major segments saw declines. Dry van was down 5¢, refrigerated fell 15¢, and flatbed rates were down by 6¢ per mile WoW.
STORY OF THE WEEK
The Teamsters have received a $36B pension bailout. The administration signed the Butch Lewis Act, approving funds to stop workers and retirees from facing a 60% cut to their benefits. This action affects the Central States Pension Fund, which represents over 350,000 Teamsters among others.
The funding was made possible through the Special Finance Assistance Program of the American Rescue Plan, which was signed into law by the current administration in March of last year.
Industries represented by the Central States Pension Fund include trucking, car hauling, warehouse, construction, food processing, dairy, and grocery trucking. With this bailout, the pension fund should be able to pay full benefits to workers through 2051.
Teamsters General President, Sean O’Brien, had this to say, “Our members chose to forgo raises and other benefits for a prosperous retirement, and they deserve to enjoy the security and stability that all of them worked so hard to earn.”
This action from Washington is the largest-ever award of financial support for worker and retiree pension security and is also the largest award from the American Rescue Plan’s Special Assistance Program.
That’s it for this week’s report. We hope the information has been useful and informative to you. As always you can find a downloadable PDF of everything we covered today in the description on YouTube and in the main body of the page on our site. And don’t forget, this is the final Weekly Report of the year.
Our team here will be taking some time down from filming as we approach the holidays to try and get things ready for next year when we’ll be coming back with a different format taking our show here from a weekly release to a monthly one. We’re still ironing out the details and figuring out the best way to provide you with the information you want and stay engaged with you so, stay tuned.
We wish you all a Merry Christmas, happy holidays, and a great new year. See you all in 2023.