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 – fleets are still hungry for new equipment!
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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 November 9, 2022, Weekly Report below.
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Numbers at a Glance
|WOW: ▼ Down 3¢|
|Spot Rates by Segment|
|WoW: Dry Van ▲ Up 1¢ per Mile|
|WoW: Refrigerated ▲ Up 1¢ per Mile|
|WoW: Flatbed ▼ Down 5$ per Mile|
|Load Posting Volume|
|WOW: ▼ Down 1%|
|Load Volume by Segment|
|WoW: Dry Van ▲ Up 1%|
|WoW: Refrigerated ▲ Up 7%|
|WoW: Flatbed ▼ Down 3%|
|WOW: ▼ Down 7%|
|Truck Driver Searches|
|WOW: ▲ Up 2%|
|MoM: ▼ Down 5%|
|YoY: ▼ Down 30%|
|Clicks on Truck Driver Postings|
|WOW: ▲ Up 18%|
|MoM: ▼ Down 9%|
|YoY: ▼ Down 6%|
November 9, 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 November 9, 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 – November 9, 2022
Hello everyone and welcome to another edition of the Weekly Report. For Randall Reilly, I’m Joshua Miller. Thanks for joining us, everyone. Don’t forget to like, share, and subscribe and check out our YouTube channel and our Randall Reilly Talent Intelligence Resource page for great driver recruiting content. We’ve got all the latest numbers for you, so let’s dive right in.
THIS WEEK IN JOB BOARD SEARCHES AND CLICKS
Searches were up 2% WoW but down 5% MoM and 30% YoY. For clicks, we saw an increase of 18% WoW but declines of 9% MoM and 6% YoY.
THIS WEEK IN FREIGHT
While dry van and refrigerated posted gains, the flatbed segment was a drag on the spot market. Overall loads dipped by 1% WoW which comes in 46% lower than when compared to the same week in 2021 and 2% below the five-year average. The load-to-truck ratio reached its highest level in the past four weeks.
Dry van volume was up by 1% WoW, as refrigerated increased by 7%, but flatbed decreased by 3% WoW. Truck availability was also down as it fell by 7% compared to last week’s numbers.
Overall spot rates declined by 3¢ per mile WoW. That dip is once again due to the flatbed drag. Both dry van and refrigerated increased by 1¢ per mile, while flatbed rates fell by 5¢ per mile WoW.
STORY OF THE WEEK
Fleets are still clamoring for new trucks. The Class 8 net orders for October reached 43,200 units. With that total October becomes the second consecutive month truck orders have been elevated year-over-year. Orders were down 23% MoM in October but up 77% compared to last year. Over the course of the past 12 months, Class 8 orders now total 271,000 units.
ACT Research Vice President and Senior Analyst Eric Crawford says the strength in orders is a result of OEMs opening order boards for 2023 more broadly. As you know, over the past two years many fleets have been limited in their ability to replace aging trucks.
Though OEMs are filling build slots into the second and even into the early part of Q3 for 2023, FTR Commercial Vehicle Analyst Charles Roth cautions that shortages continue to be a week-to-week issue, “However, the overall sentiment from manufacturers is optimistic that improvements will be made in the coming months and throughout the first half of next year.”
He went on to say, “While some OEMs have indicated that they have implemented allocation plans for dealers, the retail channel is another segment of the market that has yet to be able to maintain sufficient levels of inventory due to the limited availability of supply.” He continued, “With two extremely strong months of net orders, there is the potential that we see a gradual decrease month over month in net orders as we close out the year.”
That does it for this week’s report. As always you can download a PDF covering everything we went over today. That’s available in a link in the description on YouTube and in the middle of the page over on our Randall Reilly site. We do have some big changes coming for our report in the coming weeks and months and I’ll fill you in on those when we get a bit closer. We appreciate you watching, and we hope to see you back here next time. Until then, have a great week everybody.