American Trucking Associations reported that the driver turnover at large truckload fleets sunk 10 percentage points to an annualized rate of 71%—the lowest point in six years.
The rate at smaller fleets tumbled 16 points to its lowest level in five years.
“Continued declines in turnover rate reflects the overall choppiness of the freight market,” said Bob Costello, ATA chief economist. “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 large carriers—fleets with more than $30 million revenue—has now fallen for four consecutive quarters.
For small fleets, the 16-point fourth quarter decline in turnover set the rate at 64%.
The turnover rate at less-than-truckload fleets dipped one point to 8%, the lowest level since the first quarter of 2016.