After Great February Trucking Industry Loses 6,800 Jobs
For the first time since August 2014, the trucking industry lost jobs and it was the highest total loss of jobs in more than two years. In March 2015, the trucking industry lose 6,800 jobs. The large job loss was a surprise to many, especially after seeing 2,600 jobs added in February 2015. The transportation sector gained 9,500 jobs in March, according to the U.S. Department of Labor’s Bureau of Labor Statistics.
Despite the lost jobs in trucking industry, overall employment increased by 126,000 jobs for the month and the unemployment rate remained the same at 5.5%. Average hourly earnings for all employees also rose in March by 7 cents to $24.86. The unemployment rate for transportation and material moving occupations is now down to 8.1 percent.
Average hourly earnings for the transportation and warehousing sector were at $22.91 for the month of March, 2 cent higher than the previous month. Hourly earnings for production and non-supervisory employees increased 4 cents to $20.81. Average hourly earnings for private, non-farm payrolls across all industries increased 7 cents to $24.86. When compared to a year ago, average earnings have increased by 2.1 percent.
American Trucking Associations’ chief economist Bob Costello called it a substantial loss. Truckers Logic CMO Richard Hale discussed the ongoing driver shortage and need for new truck drivers. Several trucking authorities have expressed their concerns with the high job loss in the industry. A lot of attention was focused on the high turnover rate in trucking.