Trucking’s Rising Tides and the Bumpy Road to Growth Town
With the President's deregulation and tax agenda rising the tide, several of the U.S. economy’s bigger boats have been getting a pretty big lift including trucking. As of the end of April it looks like the nation’s economy is maintaining a pretty good head of steam even though spring is late this year. Back in March, the Bureau of Labor Statistics reported that total non-farm employment added 313,000 jobs in February, the largest job gain since 2016. The kicker though was in the trucking sector which gained some 5,600 jobs, a significant number, and one marking the fastest growth the industry since 2015.
To many in trucking, that news sounded Great and the broadcast media, for the first time in a long time, began covering the trucking industry’s role in sustaining our country’s economic growth and its importance as a jobs driver. For once, issues like driver pay, safety and turnover were front and center. Other issues facing fleets and owner operators are also getting more sober coverage—new regulatory mandates and relying on a crumbling infrastructure for example—in sharp contrast to the drumbeat of negative media drivers and the industry is often subject to. The industry’s building some real momentum, but is it sustainable?
If you'd like to read more of this month's newsletter, click here.