The economic slowdown
has been tough on trucking companies, but there are signs that things may be improving in the near future.
Employment among for-hire trucking companies dropped 0.3% on a
seasonally adjusted basis in August – the smallest decline the industry
has seen in over a year. Since August 2008, payroll employment in these
companies is down 9.5%, according to preliminary figures released
September 4th by the US Department of Labor’s Bureau of Labor Statistics.
With about 4,000 jobs lost in July, the trucking industry has seen a
total job loss of about 6% since the end of 2008. Layoffs since July
2008 total 131,500. The numbers presented in the BLS study
only reflect payroll employment in for-hire trucking. Other
trucking-related jobs, such as drivers for private fleets, are not
taken into account.
In July, the rate of lob losses in the trucking industry was
slightly higher than that of the rest of the US economy. Nonfarm
payroll employment fell by 216,000 jobs or 0.2% from July to August on
a seasonally adjusted basis. Compared to August 2008, nonfarm payroll
employment is down 4.3%.
Employment in the trucking industry peaked in January 2007, with
more than 1.45 million jobs. Since then, for-hire trucking companies
have lost 13.4% of their employees, a total of 194,000 jobs.
Photo courtesy of nightthree under the Creative Commons License.