The logistics and transportation industries are currently witnessing stable growth, from the 6,000 trucking jobs that were lost in March 2022. Technological developments as well as an ease of COVID-19 restrictions are likely the key factors to initiating the growth rate of the freight trucking market, on top of truck manufacturers continuously unveiling new truck models with easier national navigation routes and better cargo space.
The latest index from the federal government shows a rise of 13,000 trucking jobs in the U.S. since March 2022 – the largest monthly increase since April 2013, when trucking employment increased by nearly 16,000 jobs.
Because of the COVID-19 pandemic, the freight trucking market has been seeing a major decline as the pandemic has had its effect on various businesses worldwide, particularly in regions like Europe and North America.
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To help slow and prevent the virus from spreading further, companies were shutting down their operations and production facilities while the government put in place major restrictions on many active manufacturing production activities. This played a part in bringing down the demand rate of freight trucks across major industries. However, the pandemic also showed an extreme growth of the e-commerce industry and this surge in online shopping has helped the subtle growth of the freight trucking market.
While unemployment in the transportation sector dropped to 6.1% from 6.4% in March 2022 – with only a gain of 9,500 jobs, employment throughout the transportation sector grew by 52,000 jobs in April. To break it down further, the largest job increases were warehousing and storage with 17,000 jobs, as well as couriers and trucking at 15,000 jobs.
Though the freight and transportation industry is getting back on its feet, unemployment remains stagnant at 3.6% across all industries – adding a little over 400,000 jobs to the economy.
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