Truckload carriers with at least $30 million in revenues had annualized line-haul driver turnover of 121% in the third quarter of 2004, according to Bob Costello, chief economist for the American Trucking Associations. This was a record high turnover rate.
Smaller trucking companies saw their turnover decline from 94% to 79%, but both groups finished the quarter with fewer drivers than they had at the beginning of the quarter.
The Economics Group of ATA also reports that manufacturing output increased in November for the second consecutive month. Retail sales were stronger than anticipated, up 0.1% in November after a 0.8% rise in October. When the automotive sector is excluded, retail sales increased by 0.5%. November retail sales were 7.2% ahead of 2003 and year-to-date retail sales were also up by 7.8% over the 11-month period in 2003.