Trucking jobs experienced a modest decrease in June, while the transportation sector as a whole also saw a drop in jobs.
According to the latest numbers from the Bureau of Labor Statistics, 200 trucking jobs were eliminated from the economy in June. Although most months this year have experienced an increase, jobs are still down compared to January after a sharp decrease in February.
Revised numbers show an increase of 1,200 trucking jobs in May and an increase of more than 1,000 jobs in April. Those revised numbers indicate a 100% increase in May compared to preliminary numbers.
David Spencer, vice president of market intelligence at Arrive Logistics, told Land Line that summer peak shipping season likely contributed to a relatively stable job environment in June.
“As demand eases post-Independence Day, the expectation is that trucking conditions should revert to conditions seen earlier in Q2. This means a falling rate environment, and an expectation that worsening trucking conditions could lead to further job declines, on a seasonally adjusted basis,” Spencer said. “It should be noted that strength in construction spending and the associated increase in jobs is a positive sign for trucking. Many trucks are needed to support construction activity and the strength in the construction sector could lead to more stable employment even if overall trucking conditions suffer.”
Year to date, trucking jobs are up by 2,600, thanks to a relatively strong month in January.
Last year, trucking jobs went up by nearly 61,000.
Accounting for all transportation sector jobs, employment is down by nearly 7,000 jobs. This year, transportation jobs have dropped three times. Since the pandemic, transportation sector jobs have only dropped twice before: in April 2021 (minus 12,900 jobs) and in November 2022 (minus 37,100).
Couriers/messengers experienced the largest monthly decrease (minus 7,000 jobs), followed by warehousing/storage (minus 6,900) and pipeline transport (minus 400). Four subsectors experienced an increase in jobs: air transport (3,200 jobs), transit/ground passenger transport (2,100), support activities for transportation (2,100) and scenic/sightseeing transport (500).
Based on revised numbers, employment in the transportation sector dropped by more than 15,000 in April, a stark contrast from preliminary numbers that showed a gain of nearly 4,000 jobs. May’s revised numbers show an increase of nearly 17,000 jobs, down from the initially reported increase of 24,200 jobs.
Year to date, transportation employment is up by more than 25,000 jobs. For 2022 overall, transportation employment increased by nearly 261,000 jobs.
Month to month, wages increased in June. Average weekly earnings of all employees in the transportation and warehousing sector increased by $6.32 to $1,104.66. Compared to June 2022, hourly earnings are up $29.07 from $27.70. Accounting for only production and nonsupervisory employees, average weekly earnings dipped slightly from $1,033.88 in May to $1,033.13. Weekly earnings are up $51.09 compared to last June.
Across all industries, more than 200,000 jobs were added to the economy. The unemployment rate dropped slightly from 3.7% to 3.6%. Compared to the previous year, the unemployment rate for transportation and material moving occupations increased from 5.5% to 5.9%.
According to the Bureau of Labor Statistics, the consumer price index has jumped by 4% over the past 12 months. The 0.1% monthly increase in May was broad-based, with the indexes for shelter, gasoline, and food being the largest contributors. The index for all items less food and energy rose 0.4%, up 5.3% over the year. LL
Credit: Source link
