November 2020: Early Trucking Numbers Suggest Strong Growth
The Bureau of Labor Statistics (BLS) releases two statistics each month: one is the preliminary numbers (estimate) for the month prior, and the other is a more accurate count for three months prior. The solid numbers for September came in with November’s preliminaries, and while the former is essentially what the BLS has suspected, the estimates for November were astounding.
September’s final results came in at 1,454,300. This is but one hundred jobs fewer than what the preliminary numbers said back in October, an insignificant margin of error. The growth from August was 4,800.
In recent months, the preliminary numbers provided by the BLS have been exceedingly close to the accurately revised number. If this is the case, then the early count for November is worth celebrating: the BLS pins the number at 1,474,400, an increase of over 12,000 from the month prior. If the preliminaries are true, this makes November 2020 the strongest month for industry growth in about a decade. In comparison, the largest previous worker increase during the pandemic was August 2020, where 9,700 jobs were added.
The record high for the BLS’ job tracking in the trucking industry is 1,527,300, which was February 2020, the last month that had nothing to do with the coronavirus pandemic.
If the high preliminary numbers are to be believed, and the trucking industry can keep the hiring going consistently, the industry will reach those standards again in four months, or around March 2021, a year after the COVID-19 pandemic started.
As fantastic as the preliminary stats are, a 12,700 a month increase each month is unrealistic, so using the September numbers to estimate, we get fifteen months from September, or December 2021. This is more likely, but not as exciting as using the preliminary count. Chances are the true answer for when we will see record highs again is somewhere between the two extremes.
CORONAVIRUS [COVID-19] UPDATES AND ARTICLES
- Trucker’s Guide to When Every State is Reopening
- FMSCA Extends Hours of Service Relief Declaration
- How Truck Drivers Can Keep Their Cabs Clean During COVID-19
- International Roadcheck Delayed Over COVID-19 Fears
- Pennsylvania Reopens (Some) Rest Stops
- Truck Dealers Seek “Essential Status”
- Navistar And Paccar Halt Production
- Mack And Volvo Suspend Truck Production
- Fmcsa Expands Its COVID-19 Response
ABOUT TOPMARK FUNDING
TopMark Funding is a top-rated semi-truck financing and equipment financing company located in Roseville, CA. We specialize in commercial trucking and heavy equipment. Our mission is to become your long-term financial partner by helping you grow your trucking business and fleet.
We’re not here for the short-term, we’re on the long-haul with you!
We have financing options for semi-trucks, commercial trucks, trailers, and small businesses. We have great rates, low down payments, and flexible monthly payments regardless of credit history.
Learn more about Semi-Truck Financing
Fill out the contact form or give us a call at (866) 627-6644. One of our truck financing specialists will contact you as soon as possible to go over your truck lease needs and learn more about you and your business financing goals.