According to the American Trucking Associations, COVID-19 has severely impacted the annualized turnover rate at large and small truckload carriers, which experienced double digit declines in the second quarter of 2020.
“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.
The turnover rate during Q2 2020 fell 12 percentage points to 82% at truckload carriers with more than $30 million in annual revenue, which is the lowest level since the end of 2018. The rate at smaller truckload carriers fell 10 points to 60%, the lowest level since the final quarter of 2011.
“The coronavirus had a profound impact on the driver market – particularly in the first part of the second quarter. But by the end of the quarter we had begun to see the market tighten again as various restrictions began to be lifted,” said Costello.
The driver market began to level out toward the end of the quarter after seeing a big drop at the start, according to Costello, adding that “the market for drivers continue to tighten going forward” as we see continued economic recovery.
The annualized turnover rate of 12% at less-than-truckload carriers did not change during the second quarter.