Driver labor availability fell in October for the first time since June of this year -- with the largest decline since January 2005 -- according to FTR Associates.
The availability of labor for the truck industry declined in the period primarily because of the strong hiring environment for the same pool of individuals in the construction and manufacturing industries. Truck share of employment, which is a measure of supply and demand, reached its second highest level on record in Q3 2005, suggesting that it remains extremely difficult to hire and retain drivers.
The Driver Labor Market Indicators report, published monthly by FTR, looks at supply and demand issues as well as how freight and broader labor markets all affect the pool of available drivers. The ability to put drivers in vehicles has a major impact on individual fleet and industry expansion plans.