Trucking Continues Job Recovery in October 2021
Slowly but surely, the trucking industry is showing signs of recovering from the economic fallout of the coronavirus pandemic, as the Bureau of Labor Statistics (BLS) has posted its monthly update for employment count in the trucking industry.
October 2021 Numbers
The numbers posted for October 2021 are as follows:
- The initial preliminary count for October 2021 is 1,515,500 jobs.
- Revised September 2021 numbers are 1,507,600. This is an increase of 4,700 from the initial estimate.
- Final August 2021 employment is at 1,503,100. This is 2,700 above the previous estimate, and 4,800 above the first.
The trucking industry peaked in employment in March 2019, but was mostly steady until March 2020 when a certain global phenomenon that we are all tired of hearing about caused the number to drop by 87,800 jobs in a single month. The trucking industry still has a little distance to go before it is back to pre-pandemic levels of 1,524,800, but if the preliminary numbers are to be trusted, the industry is at its highest job count since the pandemic started over 19 months ago. If the October numbers follow the BLS trend of underestimating and revising, the numbers will be even higher.
The American Trucking Associations still estimates the number of truckers needed for supply to meet demand in the realm of logistics is still about 72,000 truckers, or about what it was at its absolute peak. With recent events in the trucking industry such as the stay on vaccine mandates from the Fifth Circuit Court of Appeals and the INVEST in America Act 2021 allowing for drivers under age 21 to cross state lines with stipulations, getting back to pre-COVID-19 numbers, as well as ending the trucker shortage, looks more likely now than ever. This is assuming the component shortage plays along and there are enough trucks to fill with trained bodies. The trucking industry has survived worse than what it is going through right now in 2020 when there was record unemployment and protests nationwide; it will prevail.
Of course, if you need trucks for any new employees, TopMark Funding can help. Read below for more information.
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