Federal Reserve report notes driver shortages
Feb 3, 2006 2:18 PM
The Federal Reserve's Beige Book, which presents economic conditions in its districts, notes that carriers were constrained by continuing driver shortages in the Atlanta, Cleveland, Chicago, and Philadelphia areas.
As an example, in the Cleveland district, carriers continued to report difficulty attracting and retaining drivers, however few firms planned to increase wages. Some acquisitions were reportedly being undertaken to add additional drivers to firms.
The Beige Book also reported that in certain districts, demand for trucking and shipping services remained strong throughout the last six weeks of 2005, and stronger than at this time a year ago.
Higher fuel costs continued to concern contacts, even though trucking companies have been able to maintain their surcharges. Many contacts also reported that their firms intend to increase base rates beginning in 2006.
To see more information about the report, click here.
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