The driver turnover rate for truckload carriers fell in the final three months of 2017, but the rate remained higher than it was for the previous year, according to American Trucking Associations Chief Economist Bob Costello.
The turnover rate at large truckload fleets fell seven points to 88% in the fourth quarter of last year, dipping below 90% for the first time since the first quarter.
“Despite this dip in turnover, the driver market remains tight and the driver shortage remains a real concern for fleets and the industry,” said Costello. “If the economic climate continues to improve, I expect both turnover and driver shortage concerns to rise in the near future.”
Turnover at small truckload fleets also fell in the same period, dropping to 80%. The turnover rate at both large and small fleets was still 14 points higher than in 2016.
“Despite the continuing tight driver market, I think there are a couple reasonable explanations for the dip in turnover this past quarter,” said Costello. “First, freight demand was very strong, which may have encouraged drivers to stay at their current fleet because they were making even better money with strong volumes. And second, many fleets implemented or announced pay increases last quarter, which may have disincentivized drivers from moving to new jobs.”