The truck driver turnover rate fell 10 percentage points to 71% in the fourth quarter of 2016, which is the lowest point in six years, according to the American Trucking Associations. The rate for smaller trucking companies fell 16 percentage points to 64%, the lowest level in five years.
“Continued declines in turnover rate reflects the overall choppiness of the freight market,” ATA Chief Economist Bob Costello said in a news release. “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 for carriers with more than $30 million in annual revenue has declined for four consecutive quarters. The turnover rate for less-than-truckload fleets decreased one percentage point to 8%, which is the lowest level since the first quarter of 2016.
When the turnover rate fell to 81% in the third quarter of 2016, it was the lowest it had been since the second quarter of 2011.