Trucking Industry Jobs: July Unemployment Results a Little Better

Trucking Industry Jobs: A Deeper Look at July 2024 Data

The trucking industry has seen a slight decrease in unemployment rates recently, yet the numbers remain higher than the overall jobless rate in the United States. According to the Bureau of Labor Statistics (BLS), the unemployment rate in the U.S. transportation sector stood at 5.7% in July 2024. This has significant implications for trucking industry jobs, which are crucial for the country’s supply chain.

Current Unemployment Trends

The Bureau of Transportation Statistics (BTS) Unemployment in Transportation report reveals that the transportation sector’s unemployment rate rose by 0.8 percentage points from 4.9% in July 2023. This rate is significantly higher than the pre-pandemic level of 4.2% in July 2019. During the peak of the COVID-19 pandemic, unemployment in the transportation sector reached a staggering 15.7% in May and July 2020. These numbers highlight ongoing challenges in securing stable trucking industry jobs.

Comparison with Overall Unemployment

In contrast, the BLS reported that the U.S. unemployment rate was 4.5% in July 2024, not seasonally adjusted, which is 1.2 percentage points lower than the transportation sector’s rate. Seasonally adjusted, the national unemployment rate was 4.3%. This discrepancy underscores the unique difficulties facing those seeking trucking industry jobs compared to other sectors.

Employment Changes in Transportation and Warehousing

Despite these challenges, the transportation and warehousing sector showed growth in employment, rising to 6,635,900 in July 2024. This represents a 0.2% increase from the previous month and a 0.9% increase from July 2023. Employment in this sector has grown by 16.7% from the pre-pandemic level in July 2019. The fluctuations in trucking industry jobs are particularly notable within these broader trends.

Mode-Specific Employment Data

• Air Transportation: Employment fell to 575,500 in July 2024, down 0.2% from the previous month but up 4.2% from July 2023.
• Truck Transportation: Employment dropped to 1,544,700 in July 2024, down 0.2% from the previous month and down 1.9% from July 2023. This decline in trucking industry jobs is a concern for many in the sector.
• Transit and Ground Passenger Transportation: Employment decreased to 432,100 in July 2024, down 2.4% from the previous month but up 1.0% from July 2023.
• Rail Transportation: Employment fell to 151,700 in July 2024, down 0.1% from the previous month and down 0.9% from July 2023.
• Water Transportation: Employment remained stable at 76,000 in July 2024, but up 8.1% from July 2023.
• Pipeline Transportation: Employment rose to 54,400 in July 2024, up 0.6% from the previous month and up 5.6% from July 2023.
• Warehousing and Storage: Employment increased to 1,794,900 in July 2024, up 0.6% from the previous month but down 0.5% from July 2023.

Looking Ahead

The trucking industry continues to face higher unemployment rates compared to the overall U.S. job market. While there are signs of improvement, the sector still has a long way to go to reach pre-pandemic employment levels. The current state of trucking industry jobs reflects broader economic trends and highlights the need for targeted strategies to support this vital industry. Ongoing monitoring and proactive measures will be crucial in ensuring the stability and growth of trucking industry jobs.