Driver turnover fell four points year-over-year for larger truckload fleets to 83% in the second quarter, dropping to the lowest level since 2011 amid a sluggish freight market, American Trucking Associations reported Sept. 1.
Turnover at the smaller truckload fleets, or those with $30 million or less in revenue, fell nine points to 79%, the lowest level in three quarters sequentially, but ticked up three percentage points year-over-year. For larger fleets, with $30 million or more in revenue, the rate dropped six points from the first quarter to 83%.
“The continued decline in the turnover rate reflects the continued choppiness in the freight economy,” said ATA Chief Economist Bob Costello. “As we hopefully approach the end of this period of elevated inventories later this year, freight demand will pick back up leading to increased demand for drivers and higher turnover rates in the future.”
However, he added that despite the fall in turnover rates, the driver shortage remains a concern for many motor carriers.