Trucking Jobs Dip Despite National Employment Gains

June saw a 6,300 drop in for-hire trucking jobs, increasing the overall employment decline to 12,700 trucking industry positions since the start of the year, despite a surge in non-farm employment nationwide according to the U.S. Department of Labor. Outside of trucking, non-farm payrolls saw a jump to 287,000 jobs in June, which is the biggest increase since October of last year.

While the job growth surpassed expectations on Wall Street for last month, the U.S. unemployment rate increased to 4.9% in June as more people look for work. The average increase in jobs has been about 147,000 per month since April.

Chief Economist for Stifel Fixed Income, Lindsey Piegza suggests that the generally positive performance in June isn’t necessarily indicative of a stabilized positive trend in job creation. “Remember it’s not about just one or two months data, it’s about the trend pace," she said. "The three-month average rose from 115,000 to 147,000 in June, down markedly, however, from a near 300,000 pace at the end of 2015 when the Federal Reserve opted to raise interest rates for the first time in nine years."

Overall increases in wages compared with previous years, and the recent Brexit vote for the U.K. to leave the European Union have also been cited as possible reasons for a decrease in hiring.

Source:
U.S Department of Labor