The employment report released Friday morning displays a trucking and logistics sector whose employment ranges are beginning to replicate the hefty exercise evidenced in different knowledge factors.
After minor job progress in July in comparison with June, the variety of trucking jobs within the U.S. rose by 10,000 in August, based on the Bureau of Labor Statistics (BLS). In a historical past of employment knowledge supplied by the BLS going again to 2010, that’s the fifth-biggest one-month acquire.
The BLS reported that jobs within the truck transportation sector stood at 1,449,500 in August, up from 1,439,500 in July. These are seasonally adjusted figures, that are what economists usually take a look at. Non-seasonally adjusted numbers present that jobs elevated rather less, to 1,466,800 from 1,458,000.
The seasonally adjusted numbers for August are nonetheless beneath the 1,531,500 jobs in August 2019, and all July and August numbers for 2020 are preliminary.
The report additionally elevated the variety of July jobs to 1,439,500 from the 1,438,600 initially reported. The unemployment report carries every month as preliminary for 2 months earlier than turning into ultimate. That 900-job enhance implies that truck transportation jobs are up 10,900 since June.
An much more spectacular job acquire determine was posted within the warehousing and storage sector. Its whole of 1,221,600 jobs was up greater than 34,000 from the 1,187,200 jobs of July. That outpaces the pre-pandemic year-ago variety of 1,190,500.
Each these sectors are below the class of Transportation & warehousing. An unemployment fee is damaged out for the complete transportation and warehousing sector, although not for the person subgroups.
It exhibits that the unemployment fee for the sector as an entire declined to 13% from 15.7%. That 270-basis-point enchancment is the most important within the historical past of the collection going again to 2010, although there was a smaller acquire a number of years in the past that percentage-wise was bigger. However the level stays that the drop in unemployment within the transportation and warehousing sector as outlined by BLS had a traditionally good month in August.
In that sector, hourly wages are ticking up slowly. For all staff, they rose to $25.52 from $25.43 a month earlier. They have been at $25.69 in Might, close to the beginning of the pandemic.
However for nonsupervisory staff, like drivers, they’re rising faster. They have been as much as $23.33 per hour in August, a pointy leap from $22.57 in July. That’s now the best within the historical past of the collection.
Common weekly hours additionally rose, to 38.5 in August from 38.Three in July. Again in Might, that determine was 37.8.
With June figures now full and not preliminary, second-quarter knowledge might be printed. Within the transportation and warehousing sector’s second quarter, whole compensation prices rose 3.7% year-on-year, whereas wages and salaries have been up 4.5%.
Rail transportation, which has been on a downward pattern for greater than a yr, really confirmed a slight uptick in jobs. They stood at 145,400 in August, up 100 jobs from a month earlier. However the seasonally adjusted quantity from a yr in the past is 172,600, displaying that the impression of precision railroading kicked off a decline in employment lengthy earlier than the pandemic began.
Additionally within the transportation and warehousing sector, couriers and messenger jobs in August climbed to 923,300. That was up nearly 8,000 jobs from the prior month however extra starkly is up greater than 100,000 jobs from a yr in the past, when that class stood at 821,500.
One notable class within the truck transportation knowledge alone — versus transportation and warehousing in whole — is the breakdown in employment for all staff and for these in manufacturing and nonsupervisory jobs. That determine is not obtainable but for August.
However the report simply issued does now have knowledge for July. It exhibits that whereas whole employment in truck transportation rose to 1,439,500 in July from 1,432,400 in Might — a acquire of seven,100 jobs over two months — employment within the manufacturing and nonsupervisory class rose much more, to 1,276,000 from 1,248,200, a rise of 27,800 jobs, indicating softness within the administration sector however stronger employment alternatives on the entrance line.
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