Minor Decline in Truck Transportation Jobs Reported for June

 

Truck transportation jobs saw a slight decline in June, dropping by 100 jobs to 1,548,600, according to the Bureau of Labor Statistics (BLS). This minor change represents the smallest possible increment reported by the BLS. Additionally, there were downward revisions for May and April, with the May figure adjusted to 1,548,700 jobs, down 1,400 from the previous report, and April’s figure revised down by 700 jobs.

The recent adjustments and overall negative trends over the past two years place June’s truck transportation job levels at their lowest since October, when there were 1,548,200 jobs. The highest level reached recently was 1,556,400 jobs in March, before falling back to the current level.

David Spencer, vice president of market intelligence, noted, “The lack of growth continues to be expected, given that spot rates have trended along the floor for most of the year.” He added that the expected bump in spot rates during the summer peak season likely contributed to the stable employment in June. Spencer emphasized that while the industry sees some year-over-year growth in volatility this summer, a full rate recovery is not anticipated until 2025. Stability in employment levels, he suggested, is the best-case scenario in the short term.

One encouraging sign is the not seasonally adjusted figures, which showed an increase in truck transportation jobs to 1,559,400 in June, up from a February low of 1,527,300. This figure also marks the second consecutive month of significant increases, climbing from 1,538,200 in April to 1,546,400 in May.

Other key data from the BLS report include:

• Rail Jobs: Increased by 300, bringing seasonally adjusted rail jobs to 153,300, the highest since April 2020.
• Warehousing and Storage Jobs: Slightly declined in June to 1,771,500 but are rebounding to levels seen last fall. Despite this rebound, they are still 40,900 jobs fewer than a year ago and 171,100 jobs below the May 2022 peak.
• Long-Distance Truckload Drivers: Fell to 539,000 jobs in May, down from 541,900 in April and nearly 10,000 fewer than the previous year.

Additionally, the not seasonally adjusted average hourly wage for truck transportation workers categorized as production and nonsupervisory reached $30 per hour for the first time. The average hourly wage for all employees, which hit an all-time high of $31.32 in April, slightly decreased to $31.29.

These figures suggest a complex picture of the trucking industry, where some segments show potential recovery signs while others continue to face challenges. The increase in not seasonally adjusted jobs could hint at stronger future reports, providing a cautious optimism amid current difficulties.

 

Source:

https://www.freightwaves.com/news/minor-decline-in-truck-transportation-jobs-reported-for-june