Trucking Jobs Experience Slight Downtick in July 2023

We here at TopMark Funding love to report on the news when it is especially positive, but we do not get the privilege of picking and choosing when the news is good versus bad. There is no sugarcoating it: the number of trucking jobs experienced a slight decline in July. The Bureau of Labor Statistics (BLS) has the numbers.

July 2023 Numbers

• July 2023 initial estimate is 1,604,300.
• June 2023 revised number is 1,607,200. This is a decrease from the first estimate by 2,500.
• May 2023 final count is 1,609,200. This is a slight drop of 700 from the previous estimate, and the exact same number from the first estimate.

So this, of course, raises the question as to what could have done such a thing: why is trucking employment decreasing slightly? Part of the reason may have to do with Yellow declaring bankruptcy, of which there are 30,000 truckers who were previously employed with the corporation. If any amount of this departure is factored into the July numbers, then it is understandable that the trucking industry would experience a slight dip as a direct result of such a large company (one of the ten largest in the industry) going out of business.

Truckers on average also brought home slightly less money every week in June. While hours increased to offset a slight depression in wages, the total average weekly pay still dropped about ten dollars. According to the BLS, May 2023 had an average of $29.44 per hour and 40.8 hours per week, compared to a $29.02 wage and 41.1 hours per week. $1,201.15 and $1,192.72 were the average weekly paychecks for each respective month.

Conclusion

A good luck streak cannot last forever, so it was inevitable that we would eventually see a month with some sort of dip. We anticipate the August numbers, once they come out, will be higher than what we see right now, as workers formerly from Yellow are once again employed in this high-demand industry.

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