2018 was a year in the trucking industry that may never be seen again for a multitude of reasons, namely the strength of the sector coupled with near constant hiring at a staggering rate. However, 2019 at its outset has been a markedly different year. While this is due to some factors, the reality of the industry is that there is an upward trend that is continuing, even in spite of certain factors that may be dampening the industry’s rampant growth.
The Bureau of Labor Statistics recently released its numbers for March 2019, and the month made a massive jump back up from the abysmal February that saw trucking take an enormous downturn in hiring for the entire month.
The numbers in February made industry experts anticipate that there was a possible recession on the horizon. Recessions are usually preceded by a shock that causes hiring to take a dive then coupled with consumers drawing back on spending as income becomes to stagnate as well. However, it would seem that fears of a recession may have been slightly exaggerated; a good thing for not just trucking but the economy as a whole.
While employment may have been down for March only slightly, it’s still 1.9% higher than it was a year to date. The industry is still experiencing growing pains from regulation changes and capacity changes, but as the consumer marketplace becomes more reliant on the quick turnaround on shipping, the industry will continue to experience growth.
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