Trucking Job Losses Continue Slowdown

Sep 08, 2009
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.