The trucking industry has always been a realm where employment rates adjust based on supply and demand issues. Usually, the noticeable adjustments happen in a slower and steadier way, but recently the rates have been changing closer together. The Bureau of Labor Statistics released their report and the latest one reflected bigger jump up and down in a shorter timespan than commonly seen before.
Going into Spring, the report shows a growth in the employment rate.
April showed a 100 job increase from March. May showed a big jump up, increasing the number of jobs by 700. Then going on from June there was a sharp decline by 200 jobs. Then the rates turned around at the end of the month, showing a total growth since April of 1,000 jobs. That means, as May increased April’s numbers by 700 and then June lowered that by 200, June flipped around after the 200 decrease to have a 500 job count increase.
Despite this large hike at the end of the month, June’s end of the month numbers still rang in lower than the beginning of the year.
The Vice President of market intelligence at Arrive Logistics, David Spencer, wrote in a statement that summer’s peak shipping point where more seasonal shipments, typically of produce, go out is most likely the ultimate cause of June’s turnaround point. The drop that the month first showed was the first decrease in employment rates since February. He said that overall, the industry’s employment numbers are higher than they were in 2022. He followed this up by saying that the industry is still showing a lower number than was reported in January of 2023.
From January’s numbers to the end of June, the industry is down about 2,000 jobs.
Just like the summer has a peak season though, so does winter. With Christmas and other holiday festivities, shipping increases exponentially, which explains why January reflected another peak point.
Going on after the 4th of July, experts expect the numbers to decline again. Overall, people like Spencer have spoken about their worry about employment rates going forward. Trucking and other related jobs are expected to steadily decline for the rest of the year. As our economic future is looking weary in general for the country, industries like trucking are sure to take a hit.