Trucking Jobs Rebound in October 2022
We at TopMark Funding have been busy. So busy, that we skipped a month on posting about monthly jobs in the trucking industry according to the Bureau of Labor Statistics (BLS). This month, we are getting it out of the way immediately so as to not forget.
October (and September) 2022 Numbers
- October 2022’s first estimate is 1,601,100. This is an all-time high for the industry.
- September’s second estimate is 1,587,900. We cannot say for sure whether or not this revision is higher or lower than the first, sorry!
- August’s final number is pinned at 1,597,400. This is an increase from the first estimate of 1,595,500.
While we were covering other aspects of the trucking industry, the job numbers, both total and nonsupervisory, took something of a tumble. Based on the numbers we have now, the drop could have been close to ten thousand jobs lost.
Fortunately, hiring in October has turned the trajectory back on course. For the first time in the industry’s history, total jobs exceeded 1.6 million. There is a chance that part of this growth is due to the incoming holiday season, but also natural growth due to a rising population.
Beyond the sheer number of workers in the industry, truckers obtained slightly better working conditions: according to the BLS, truckers worked twelve minutes less per week (41.1 hours) and were paid 20 cents more per hour, on average when comparing September to August.
After hitting a slight snag in the employment numbers, the trucking industry continues to keep on trucking (pun intended). We will have to see what happens next month. With the holiday season starting to pick up, it is more likely than not that the numbers will rise.
Trucking first hit 1.5 million employees in the middle of 2018, but took a long time to rise thanks in part to a certain global event that killed demand for most shipped goods. We predict that unless something similar occurs in the future, the trucking industry will hit 1.7 million jobs in about two years, maybe sooner.
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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.
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