The trucking industry added 3,900 jobs in October, and the unemployment rate edged down to 5.8%, declining for the third consecutive month, the Labor Department reported Nov. 7.
Trucking added 4,100 jobs in September, up from an originally reported 3,800.
The transportation and warehousing sector, which includes trucking, added 13,300 positions in October, while the transit and ground-passenger transportation segment lost 700 jobs.
The 214,000 overall increase in employment followed a 256,000 gain the prior month that was more than initially estimated, and the jobless rate dropped to the lowest level in six years, Bloomberg News reported.
“Despite all the talk about the global economy, the U.S. domestic economy seems to be doing fairly well,” John Silvia, chief economist at Wells Fargo Securities in Charlotte, North Carolina, told Bloomberg. “You look at these employment numbers, and although wages are steady, the combination of job gains and steady wages means you’re going to see continued personal income and therefore consumer spending.”
The increase in October employment was broad-based, with factories, construction companies and retailers among those adding employees. Payrolls at restaurants jumped 41,800, and hourly earnings for all workers rose less than projected, Labor said.
