Trucking Jobs Rise Little in July as Unemployment Rate Matches 16-Year Low
Trucking industry jobs rose by 400 in July as overall payrolls rose by 209,000, the Labor Department reported Aug. 4.
The unemployment rate declined to 4.3%, matching a 16-year low, Bloomberg News reported.
The transportation and warehousing sector, which includes trucking, gained 900 jobs. Support activities for transportation rose by 1,700 positions, according to the Bureau of Labor Statistics report.
Hiring hit five-month highs in manufacturing and education and health services, according to Bloomberg.
Stronger household incomes and buoyant consumer confidence are helping to propel demand, while a rebound in global growth has provided more opportunities for American exporters, according to Bloomberg.
The couriers and messengers sector increased positions by 3,200 and transit and ground passenger transportation sector jobs declined by 1,600, BLS reported.
With job vacancies close to record highs, employers are reluctant to fire workers, keeping jobless-benefit claims near the lowest in four decades.
The acceleration in wages on a monthly basis may show that managers are finally starting to boost pay some more in a bid to keep or attract workers, Bloomberg reported.
“It ticks off all the right boxes,” Tom Porcelli, chief U.S. economist at RBC Capital Markets told Bloomberg. The report shows “an unemployment rate that improves, hourly earnings that move in the right direction, and a wage pie which moves in the right direction.” For an economy growing at a pace of 2% to 2.5%, “this report fits that narrative perfectly,” he said.