A new report from the American Trucking Association found that truck driver turnover rate at both large and small fleets dropped dramatically in the fourth quarter of 2016.
At large fleets, truck driver turnover fell 10% to an annualized rate of 71% — the lowest it has been in six years. This marks the fourth quarter in a row that truck driver turnover rates have dropped at large carriers.
At smaller carriers, turnover rates also fell dramatically in the fourth quarter, dropping 16 points to 64%. This is the lowest truck driver turnover rate at smaller fleets in the past five years.
At LTL carriers, turnover rates also fell — though not so dramatically — 1 point to a rate of 8%. This marks the lowest level since the first quarter of 2016.
The ATA’s Chief Economist Bob Costello says that an unsteady freight market is the likely cause for the drop in turnover rates. Costello says that he expects driver turnover rates to rise again soon: “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.“