Trucking Jobs Once Again Break Records in November 2022
Every month the Bureau of Labor Statistics updates its estimates for job numbers in various industries for the past three months. Here is what is going on in NAICS 484: the trucking industry.
November 2022 Numbers
- The preliminary employment count for November 2022 is 1,601,300. A new record for the industry!
- The initial revision for October 2022 is now an even 1,600,000. While lower than the initial estimate by 1,100, it was still an all-time high for the industry.
- The final count for September 2022 is 1,592,500. This is an increase from the previous estimate of 1,587,900.
As to be expected, the demand for shipped goods is increasing as time moves onward, signaling an economy that is slowly growing. As fleets buy more trucks and trailers, they are hiring more people to put into those trucks and to make money.
Average hourly earnings and weekly hours paints an interesting story for October, as these numbers are always a month behind the raw employment total. Hours worked on average are high at 42.2 hours per week, but so are wages at $28.26. Using these numbers we find the average trucker makes $1,119.57 per week, though your actual number may vary.
Despite freight rates taking a slight slump due to an increase in the amount of truckers on the road, the average driver is getting paid more for their time, most likely as a direct result of fleets competing amongst one another to get drivers in their own trucks rather than losing talent to another company offering a better working situation.
Conclusion
Next month is the month where the majority of the holiday season occurs, and it will no doubt be interesting to see how employment numbers, hours worked, and wages earned change as a direct result of the annual tradition of consumer spending. Based on everything we see now, it is a good time to be a member of the trucking industry, whether it is a fleet owner, a trucker, or an original equipment manufacturer. Let us hope the good luck continues on into 2023.
ABOUT TOPMARK FUNDING
TopMark Funding is a top-rated semi-truck financing and trailer 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 trailers, semi-trucks, commercial trucks, and small businesses. We have great rates, low down payments, and flexible monthly payments regardless of credit history.
Learn more about Trailer 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.