Job Growth in For-Hire Trucking Sector
In November, the for-hire trucking industry experienced a notable increase, with 8,400 new payroll jobs added. This marks the first significant boost since spring, following nearly six months of stagnant employment levels. These seasonally adjusted figures were shared on December 6 in the Bureau of Labor Statistics’ monthly employment report.
Revised Employment Figures
Additionally, the initial employment numbers for October indicated a modest increase of 400 jobs within the trucking sector. However, these figures have been revised upward to reflect a total of 2,400 new jobs for that month.
National Employment Trends
In a broader context, the U.S. added 203,000 jobs in November, leading to a decrease in the unemployment rate to a five-year low of 7 percent.
Current Employment Levels
By November, employment in the for-hire trucking sector reached 1.3953 million, representing an increase of 18,600 jobs compared to the same month last year and up by 161,300 jobs since the industry’s lowest point in March 2010. However, the current employment levels still fall short by 58,100 jobs from the peak observed in January 2007.
Scope of BLS Employment Metrics
The Bureau of Labor Statistics’ data on trucking covers all payroll employment in the for-hire sector but excludes positions related to trucking in other industries, such as drivers employed by private fleets. The published numbers do not capture the overall hiring activity since they only account for employees who were paid during a specific payroll week that month.
Considerations on Job Position Estimates
Given the high turnover rates characteristic of the trucking industry, BLS estimates may exaggerate the number of job openings. This discrepancy arises from the methodology employed in the agency’s Current Employment Survey.
