The latest release of ACT’s For-Hire Trucking Index indicated that October’s volume reading surged to the highest level since March 2011 at 75.
“Seasonally adjusted, the volume index was 75 but this was a record level for our survey,” said Tim Denoyer, ACT Research’s vice-president and senior analyst. Twenty-nine percent of respondents reported having significant gains, 46% had modest increases, and 21% were flat. Just 4% of fleets had significant decreases.
The pricing index also jumped to a reading of 75 in October, hitting the highest level recorded since April 2011. “Seasonal adjustment raises the reading slightly, and the 75.5 reading was the strongest in our survey’s history on this basis,” noted Denoyer. Eighteen percent of respondents reported having significant gains, 64% percent had modest increases, and 18% were flat.
The driver shortage continues to be a problem for fleets, with executives aggressively planning to remedy the issue. “October demand was strong, rates are up, but still no drivers,” said one fleet. “Hiring drivers is absolutely the most critical initiative for us in 2018,” noted another executive.