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Trucking Jobs Stall as Labor Force Grows

by Anna Mischke | Jul 14, 2017

Customer News 074117While jobs increased in June by 222,000, trucking industry payrolls fell by 1,400 in the Department of Labor’s monthly Employment Situation Report released July 7th.  While the unemployment rate crept up to 4.4 percent, it’s still very close to the lowest it’s been since 2001, according to Bloomberg News.

In June, the construction industry added 16,000 jobs as the manufacturing sector added 1,000. The transportation and warehousing sector which includes trucking, added 2,400, which is about 25,000 more jobs than were available in June 2016. The couriers and messages sector added 4,200 positions while transit and ground passenger transportation sector jobs increase by 2,100.

The number of people moving into the labor force accelerated to 4.7 million, the highest since 1990, and suggests that employers who may have difficulty finding workers will experience hiring success as a new graduating class and seasonal workers join the work force. Still, wage growth remains relatively the same even with the influx of new hires- a confusing combination for economists and policy makers.

Michael Feroli, chief U.S. economist at JPMorgan Chase & Co. told Bloomberg, “We’re seeing pretty steady, solid hiring. We’re just not seeing much acceleration in wages. The unemployment rate picked up for the right reasons. The participation rate ticked up as job seekers came back into the market. It could reflect increases confidence in the labor market.” 

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