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 – Facing opposition from both political parties in Washington, a temporary federal and state fuel tax holiday seems unlikely.
Attend the Online Premiere and Live Q&A for an All-New Digging Deeper
The latest Digging Deeper premieres Thursday, July 14th at 2 PM CST (the premiere is immediately followed by a LIVE Q&A session). Join us and Dave and his guests, Zack Flippo and Kyle Jernigan discuss the one thing that 90% of fleets fail to do.
Click the image below to register to attend the premiere and live Q&A.
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 June 29, 2022, Weekly Report below.
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Numbers at a Glance
|WOW: ▼ Down 2¢ per Mile|
|Spot Rates by Segment|
|WoW: Dry Van ▲ Up 1¢ per Mile|
|WoW: Refrigerated ▲ Up 10¢ per Mile|
|WoW: Flatbed ▼ Down 3¢ per Mile|
|Load Posting Volume|
|WOW: ▼ Down 3%|
|Load Volume by Segment|
|WoW: Dry Van ▼ Down 2%|
|WoW: Refrigerated ▲ Up 12%|
|WoW: Flatbed ▼ Down 7%|
|WOW: ▼ Down 2%|
|Truck Driver Searches|
|WOW: ▼ Down 2%|
|MoM: ▲ Up 1%|
|YoY: ▼ Down 10%|
|Clicks on Truck Driver Postings|
|WOW: ▼ Down 20%|
|MoM: ▼ Down 9%|
|YoY: ▲ Up 4%|
June 29, 2022 Driver Recruiting Insights
Would you like to have your own copy of the trucking industry data? All of the information covered in this week’s report for June 29, 2022, is available for your convenience in PDF form below.
Click the image to view and download your copy of the Weekly Trucking Insight.
Weekly Report Transcript – June 29, 2022
Hello everyone and welcome to the Weekly Report. For Randall Reilly, I’m Joshua Miller. If you like our show don’t forget to like, share, and subscribe so you never miss out on any of our new driver recruiting content.
Before we dive into today’s report just a few quick announcements. We’ll be taking off next week so there will be no Weekly Report for July 6th, but … we will be back to normal the following week on Wednesday, July 13th.
Also just wanted to let you know that the latest edition of Digging Deeper will be premiering on Thursday, July 14th. Dave will once again be joined by Zack Flippo and Kyle Jernigan, as they discuss the one thing 90% of fleets FAIL to do. What could it be? Sign up and watch to find out!
You can register to take part in the online premiere for the episode by clicking the links found in the description or in the body of the page on our Randall Reilly site. As always, the online premiere will be followed by a live Q&A session that is exclusive to the webinar premiere attendees.
So, no Weekly Report next week, but we’ll be back the following Wednesday – July 13th. Registration is now open for the newest Digging Deeper which will debut online on Thursday, July 14th at 2 PM CST.
All righty. Now that we have that taken care of, let’s get to this week’s report.
THIS WEEK IN JOB BOARD SEARCHES AND CLICKS
Truck driver searches fell by 2% WoW, while ticking up just slightly by 1% MoM, and declining by 10% YoY.
Clicks on truck driver postings fell a full 20% WoW and 9% MoM but increased by 4% YoY.
THIS WEEK IN FREIGHT
The total load postings for last week dipped by 3% WoW. Looking at the different segments, dry van fell by 2%, refrigerated loads increased by 12%, and flatbed saw a decline of 7% WoW.
The load postings were mixed regionally as the three regions with the largest load volume, those being the Southeast, South Central, and Midwest regions, all saw lower volumes than the previous week.
Truck availability came in 2% lower WoW as the overall load-to-truck ratio declined slightly and hit its lowest level since November of 2020.
Overall spot rates saw a decrease of 2¢ per mile WoW, but dry van and refrigerated rates both increased. Dry van rates rose by 1¢ as refrigerated shot up by 10¢ per mile. Flatbed on the other hand fell by 3¢ per mile WoW.
STORY OF THE WEEK
It appears there is no end in sight for high diesel fuel prices. Despite recent calls for a suspension of federal and state gas taxes, an agreement on such a plan still seems unlikely. Much of the disagreement stems from the impact such a plan would have on the Highway Trust Fund. The proposed fuel tax suspensions would directly affect the trust fund and cost it an estimated $10 billion.
What are the details of the proposed plan? Congress has been asked to suspend the federal gas tax for three months, which would run through September, with states being asked to join in and suspend state-imposed fuel taxes as a way to ease the burden of high fuel costs for American consumers.
It is worth noting that multiple states have already temporarily suspended those state fuel taxes earlier this year, however, many of those measures have already expired or are not currently planned to extended.
Current federal taxes include excise taxes of 18.3¢ per gallon on gasoline and 24.3¢ per gallon for diesel fuel. In addition to those fuel taxes, there is also a Leaking Underground Storage Tank Fee of .1¢ per gallon for both gasoline and diesel fuel. The current national average for state-level fuel tax is around 32¢ per gallon on both fuel types.
The ATA leadership has spoken out in opposition to the proposed tax suspensions, calling it a temporary relief and expressing concerns that it could undo much of the positive momentum achieved on highway infrastructure improvements.
Truckload Carriers Association President, Jim Ward, echoed those concerns saying that gas tax holidays would “significantly starve the Highway Trust Fund of much-needed financing and directly undermine industry and policymakers’ ability to implement the newly-won infrastructure law.”
It has been estimated that if the gas tax holiday measures were put into effect it would result in roughly $15 of savings per month for the typical American family. With the current opposition and doubt expressed over the proposed plan’s effectiveness on both sides of the aisle in Washington, it is questionable whether any agreement can be reached in the foreseeable future.
And that does it for this week’s report. We hope the information has been useful and informative to you. You can find a downloadable PDF featuring all of the numbers and information, we covered in today’s report in the description of the YouTube video or in the body of the page if you’re watching us on our Randall Reilly site.
Don’t forget to register for the upcoming Digging Deeper, and … remember no Weekly Report next week, but we will be back two weeks from today on Wednesday, July 13th. Until then, have a great week everybody.