Trucking Jobs Dip by 1,400 in June
Trucking industry jobs declined by 1,400 in June as overall payrolls rose by 222,000, the Labor Department reported July 7.
The unemployment rate climbed to 4.4% but is still close to the lowest since 2001, Bloomberg News reported.
The transportation and warehousing sector, which includes trucking, gained 2,400 jobs. Support activities for transportation dipped by 800 positions, the Bureau of Labor Statistics reported.
Sustained hiring in June is evidence of the kind of labor-market resiliency that could eventually lead to a stronger acceleration in wages, Bloomberg reported.
At the same time, the month’s data could also reflect a new graduating class and the summer’s seasonal workers joining the labor force — some likely welcomed by employers who are struggling to find workers, according to Bloomberg.
The couriers and messengers sector increased positions by 4,200 and transit and ground passenger transportation sector jobs rose by 2,100, BLS reported.
The data suggest the job market is attracting people off the sidelines, as the size of the labor force and number of unemployed people increased, indicating more people are actively looking for work. The number of people who went from out of the labor force to employed rose to 4.7 million, the highest in data going back to 1990, Bloomberg reported.
“We’re seeing pretty steady, solid hiring,” Michael Feroli, chief U.S. economist at JPMorgan Chase & Co. in New York, told Bloomberg. “We’re just not seeing much acceleration in wages. The unemployment rate picked up for the right reasons. The participation rate ticked up as job-seekers came back into the market. It could reflect increased confidence in the labor market.”
Payroll employment increases by 209,000 in July; unemployment rate changes little at 4.3% https://t.co/NsuHovcqn0 #JobsReport #BLSdata — BLS-Labor Statistics (@BLS_gov) August 4, 2017
