Although some trucking platforms appear to be champing at the bit to announce a trucking industry collapse, the March jobs report from the Bureau of Labor Statistics (BLS) shows there have never been more people hauling freight.
According to the March jobs report, the U.S. employed more than 1,612,000 commercial drivers. That figure ekes out the record set in January at 1,611,400. These healthy numbers are sandwiched between a minor retreat in February of 1,606,300. Although one might anticipate mid-winter labor participation to take a dip, the reaction garnered splashy headlines such as: “Trucking jobs see large decline in February.” Hardly. Those engaged in a career in the freight transportation sector may also want to consider the industry added CDL positions in December as well.
While many view the economy as something of a roller-coaster ride, the trucking industry has been a bastion of stability. According to USA Today, “Leisure and hospitality, the sector hit hardest by the pandemic, led the job gains with 72,000, mostly at restaurants and bars. Professional and business services added 39,000; health care, 34,000; and transportation and warehousing, 10,000.”
The BLS jobs report indicates that warehousing and storage jobs have been in modest retreat. January saw 1,933,200 workers which trickled down to 1,922,400 in February and 1,910,600 in March. If the overall sector picked up jobs, that means they were most likely truckers.
It’s also important to note that CDL positions are not necessarily contingent on warehousing activity. Although these facilities play a role, agriculture and direct-from-port cargo keep truckers working regardless of warehouse inventories. Statements that point to a significant correlation between warehouse jobs and truckers may miss the mark. They certainly did, based on the latest jobs report as warehouse jobs dropped by approximately 24,000 in recent months.
Hourly wages for CDL professionals cracked the $30 per hour threshold for the first time n February after BLS numbers were revised. That’s particularly telling when contrasted with the fact that even the White House admitted February’s nominal wages slipped to 0.2 percent after only positing a 0.3 gain in January, as inflation and interest rates rose.
“Three-month average wage growth was 3.6 percent annualized in February, substantially lower than the 5.1 percent average over the same three months last year,” a White House statement reported.
Those are tough pills to swallow for ailing retail employees. But truckers remain, relatively, in the driver’s seat based on strong employment and wage growth.
Sources:
https://www.bls.gov/news.release/pdf/empsit.pdf
https://www.cnbc.com/2023/04/07/jobs-report-march-2023.html
https://www.freightwaves.com/news/trucking-slowdown-no-sign-of-it-in-march-employment-figures
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