ACT Research Trucking Index Highlights Another New Low in Driver Availability
The latest release of ACT’s For-Hire Trucking Index, with February data, showed a Driver Availability Index that has tightened to another new low point in the past three years.
The ACT For-Hire Trucking Index is a monthly survey of for-hire trucking service providers. ACT Research converts responses into diffusion indexes, where the neutral or flat activity level is 50. Please contact us at firstname.lastname@example.org if you are a for-hire executive interested in participating. In return, participants receive a detailed monthly analysis of the survey data, including Volumes, Freight Rates, Capacity, Productivity and Purchasing Intentions, plus a complimentary copy of ACT’s Transportation Digest report.
Tim Denoyer, ACT Research’s Vice President and Senior Analyst commented, “The Driver Availability Index tightened to a new low in February, to 23.6 from 25.0 in January.”
He added, “But as fleets often like to be gearing up for springtime volume growth in February, the tightness in the driver market feels acute. For the third straight month, this was the tightest reading in the three-year history of this index.”
Denoyer also noted, “The latest stimulus is yet another factor on a long list of driver constraints keeping the truckload market tight. Demographics and the FMCSA Drug & Alcohol Clearinghouse are also factors inhibiting driver re-engagement, even in response to record spot rates and rising driver pay.” He concluded, “Significant additions to capacity this year are unlikely.”
The ACT Freight Forecast provides forecasts for the direction of truck volumes and contract rates quarterly through 2020 with three years of annual forecasts for the truckload, less-than-truckload and intermodal segments of the transportation industry. For the truckload spot market, the report provides forecasts for the next twelve months. In 2019, the average accuracy of the report’s truckload spot rate forecasts was 98%. The ACT Research Freight Forecast uses equipment capacity modeling and the firm’s economics expertise to provide unprecedented visibility for the future of freight rates, helping businesses in transportation and logistics management plan for the future with confidence.
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