Truck transportation employment has barely changed since August 2023, when the closure of LTL carrier Yellow threw thousands of drivers out of work. According to the latest Bureau of Labor Statistics (BLS) report, the industry had 1,543,500 jobs in August 2024, just 400 more than the same time last year.
Since March 2024, the sector has experienced five consecutive months of downward job revisions, after peaking at 1,556,400 positions. These figures reflect a stagnant trucking job market, despite early assumptions that displaced Yellow drivers would quickly find employment in an industry typically short on drivers.
The slow recovery suggests a broader market downturn, with David Spencer, VP of Market Intelligence at Arrive Logistics, noting that many carriers and drivers may be “throwing in the towel” after a disappointing peak season. Spencer predicts that a rate recovery is still 9 to 12 months away, leaving little optimism for the remainder of 2024.
In contrast, the warehouse sector saw steady growth, with 1,791,800 jobs in August, marking a 3,900 increase over July and a positive trend throughout most of the year.
While job numbers in trucking remain subdued, work hours in the sector remain near record highs, signaling underutilized capacity due to weak demand.
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