The annualized turnover rate at both large and small truckload carriers experienced declines of double digit percentage points in the second quarter as the industry was roiled by the COVID-19 pandemic.
“The second quarter was a tumultuous one for trucking, and the broader economy, as restrictions imposed to slow the spread of the COVID-19 had significant impacts on the country,” said American Trucking Associations Chief Economist Bob Costello said. “The coronavirus had a profound impact on the driver market—particularly in the first part of the second quarter. By the end of the quarter we had begun to see the market tighten again as various restrictions began to be lifted.”
In the second quarter, the turnover rate at truckload carriers with more than $30 million in annual revenue fell 12 percentage points to 82%—the lowest level since the end of 2018. The rate at smaller truckload carriers fell ten points to 60%, the lowest level since the final quarter of 2011.
“After steep drops early, the driver market began to normalize toward the end of the quarter,” Costello said. “As the economy continues to recover, we should see the market for drivers continue to tighten going forward.”
The annualized turnover rate at less-than-truckload carriers was unchanged at 12% during the second quarter.