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For-Hire Trucking Industry is Adding Jobs

According to the U.S. Bureau of Labor Statistics, an estimated 6,300 net jobs were added in the for-hire trucking industry in July. The BLS also revised its job reduction numbers from 3,500 job cuts reported for June to 3,000 job cuts from May. These revisions suggest a better than expected job growth for this industry.

Meanwhile, the overall job growth for the U.S. was weaker compared to recent months, according to preliminary BLS estimates. The U.S. economy added a total of 162,000 non-farm payroll jobs in July, which is the lowest increase for a month since March. The BLS also revised job gains for May and June to slightly less than what was originally reported. However, the unemployment rate has lowered two-tenths of a point to 7.4 percent. It’s the lowest unemployment rate since December 2008. Even so, the rate has not been dropping quickly and has been set between 7.4% and 7.9% for the entire year.

The for-hire trucking industry is thriving well under these circumstances. The industry has nearly 1.4 million payroll jobs. Since July 2012, the number of jobs have increased by 2.3 percent or over 31,000 jobs. As well, since trucking employment hit its bottom in March 2010, it has increased 12.5 percent, which is nearly 154,000 jobs. However, like many other industries, trucking employment has still not recovered to its peak in January 2007. Employment remains 4.5 percent below this peak, or over 65,000 jobs.

These BLS statistics only represent the for-hire trucking industry and not truck-related industry jobs, such as private fleet truck drivers. As well, the stats reflect only the number of employees paid during a specified payroll period and not the total amount of hiring. High turnover rates also impact these estimates due to the Bureau’s methods used to find these numbers.

In other words, these numbers may not cover all hiring in the trucking industry. However, conclusions can be made that truck industry employment has recovered greatly since its lowest point. The for-hire trucking industry and the moving industry are connected, especially when it comes to cross-country moves. Job recovery in the trucking industry could mean good business for the moving industry, as well.