Driver turnover at large truckload fleets declined to 71% in the fourth quarter, the lowest level in six years, according to a new report from American Trucking Associations released March 29.
Large carrier turnover dropped 10 percentage points in the fourth quarter, according to ATA. The turnover rate at large carriers, defined by ATA as fleets with more than $30 million revenue, has now declined for four straight quarters.
The rate at smaller fleets dropped 16 percentage points to 64%, the lowest level in five years, according to ATA.
“Continued declines in turnover rate reflect the overall choppiness of the freight market,” ATA Chief Economist Bob Costello, said in a statement. “As inventory levels throughout the supply chain are drawn down to more normal levels, and freight volumes recover, we should see turnover rise along with concerns about the driver shortage.”
The turnover rate at less-than-truckload fleets dipped one point to 8%, the lowest level since the first quarter of 2016.