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 – TikTok is for more than silly dancing and lip syncing.
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 May 25, 2022, Weekly Report below.
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Numbers at a Glance
|WOW: ▲ Up 7¢ per Mile|
|Spot Rates by Segment|
|WoW: Dry Van ▲ Up 9¢ per Mile|
|WoW: Refrigerated ▲ Up 22¢ per Mile|
|WoW: Flatbed ▲ Up 12¢ per Mile|
|Load Posting Volume|
|WOW: ▲ Up 13%|
|Load Volume by Segment|
|WoW: Dry Van ▲ Up 21%|
|WoW: Refrigerated ▲ Up 41%|
|WoW: Flatbed ▲ Up 4%|
|WOW: ▼ Down 3%|
|Truck Driver Searches|
|WOW: ▼ Down 11%|
|MoM: ▼ Down 24%|
|YoY: ▲ Up 16%|
|Clicks on Truck Driver Postings|
|WOW: ▼ Down 2%|
|MoM: ▲ Up 19%|
|YoY: ▲ Up 33%|
May 25, 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 May 25, 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 – May 25, 2022
Hello everyone. Welcome to the Weekly Report. For Randall Reilly, I’m Joshua Miller. Before we jump in, if you’re watching us over on YouTube, don’t forget to like, share, and subscribe. If you’re over on our Randall Reilly site, you can reach and subscribe to our YouTube channel simply by clicking in the box at the bottom of the page. Now, let’s get to the report.
THIS WEEK IN JOB BOARD SEARCHES AND CLICKS
Searches were down 11% WoW and 24% MoM but saw an increase of 16% YoY. Clicks on the other hand dipped by 2% WoW, but saw increases of 19% MoM, and 33% YoY.
THIS WEEK IN FREIGHT
Now before I dive into the numbers, if you’ve been with us for the past few weeks, you’ll recall that I’ve continually mentioned the CVSA Roadcheck event in the preceding weeks. This year’s Roadcheck, focusing on wheel ends, took place last week.
We typically see spot rates and volume shoot up in response to this event, and this year was no exception to that trend. As a result, the WoW comparisons for this week and likely into next week are going to be somewhat skewed and not indicative of the actual changes in the market.
The total load postings increased by 13% WoW and all three major segments saw increases. Dry van was up by 21% WoW, refrigerated shot up by 41% WoW, and flatbed postings were up by 4% WoW.
The overall truck availability dipped by 3% WoW as the overall load-to-truck ratio rose to its highest level in seven weeks.
Spot rates were up 7¢ per mile WoW and once again each of the three major segments saw increases. Dry van rates rose by 9¢, refrigerated climbed by 22¢ per mile WoW, and flatbed saw an increase of 12¢ per mile WoW.
The overall spot rate increase was lower than any of the main segments because most of that growth occurred in the refrigerated and dry van segments, which are seeing rates anywhere from 65¢-100¢ BELOW flatbed rates. That’s why the overall rate increase is not as high as you may expect when seeing each segments’ individual rate increases.
STORY OF THE WEEK
It turns out TikTok is useful for more than lip syncing and silly dancing videos. The platform boasts over 1 billion monthly active users and features content covering all kinds of interests … including trucking.
There’s a fairly large number of drivers who create content for the platform covering a wide variety of topics from what it’s like to make a delivery, tours of their cab, or even recommendations and reviews for products like seat cushions that other drivers may find useful.
But what about fleets? Well, some trucking companies have taken to the platform to try and showcase their fleet and driving lifestyle to help improve their recruiting. TikTok also offers an opportunity for fleets to create custom content showcasing important educational content that could actually save lives across all of its users.
A video that shows how and when to safely pass a semi-truck, for instance.
Like pretty much everything else electronic in today’s world, TikTok employs an algorithm to help curate and show content to users. So, to fully take advantage of the potential exposure on the platform, it’s important to know how to get in front of the desired audience.
Content is delivered based on the videos each user has liked, commented on, shared, or even watched multiple times in the app. With that in mind, it’s important that content creators find and appeal to the right group of people and feature content specifically tailored to their likes and interests.
Using hashtags, engaging captions, and regularly interacting with other users is important, but … what’s perhaps most important when it comes to TikTok content, is the need to be able to grab the audience’s attention within just a few seconds.
That does it for this week’s report. We hope the information has been useful and informative to you. A downloadable PDF covering all the information we went over today is available in the description on YouTube and in the main body of the page on our Randall Reilly site. We look forward to you joining us again next week as we take another look back to help you move forward. Until then, have a great week everybody.