Welcome to HireRight’s first Transportation podcast in conjunction with the American Trucking Associations. Bob Costello, Chief Economist at ATA discusses the U.S. Economy and the impact to the trucking industry.
While there were some issues that led to suppressed freight volumes earlier this year, Bob predicts the economy to get back on track shortly.
With an increase in consumer spending, gains in manufacturing output, and improved new home starts, freight shipments should improve the remainder of 2015. Increased spot rates and drops in diesel fuel rates have spurred carriers to replace tractors and pay drivers more money.
The driver shortage continues to be a significant challenge that has expanded into LTL and private fleet segments. For the truckload industry, driver turnover rates have been over 95% for the last three years.
Bob reviews various causes of the driver shortage, market reactions and possible solutions:
HireRight & ATA Quarterly Podcast
By: Bob Costello, Chief Economist of the ATA