The latest release of ACT’s For-Hire Trucking Index showed the fleet equipment purchase intentions are strong, that they have or plan to increase driver pay, and that they currently have power in contract negotiations with shippers.
“February’s index reading suggests that equipment demand continues to have long legs, with 62% of responding fleets planning equipment investments in the next three months, up from 58% in January,” said Kenny Vieth, ACT Research’s president and senior analyst. “Additionally, February marked the 10th consecutive month in which the supply-demand balance reading was 60 or above. The unprecedented strength in this metric clearly indicates pricing power rests with truckers in 2018 contract negotiations and the data provide further support for large increases in truckload contract rates.”
As part of this month’s survey, ACT Research queried fleets about their drivers’ pay in the past and coming three months. “It was a near unanimous response from our fleet panel that they have or plan to increase driver pay,” Vieth said. “Many respondents expressed concern about the industry’s practice of sign-on bonuses as a way of attracting new drivers.”