Trucking jobs lost to COVID-19 recession

While not as severe as the job losses seen by other areas of the economy, such as restaurants, bars and retail, trucking companies lost more than 88,000 jobs in April, according to figures from the U.S. Bureau of Labor Statistics (BLS). This figure represents a 5.8 percent drop from March and a 6.2 decline year over year. According to an article at JOC.com, the decline negated four years of trucking employment growth.

The 88,000 workers who lost their jobs include drivers, dockworkers and other employees, with the JOC noting that how quickly they can be rehired will affect the ability of shippers to restart and reconnect supply chains affected by the economic shutdown to contain the spread of COVID-19, the disease caused by the novel coronavirus.

“Demand will have to be rebuilt before trucking supply returns, and the process will likely be slow,” the article states.

The JOC For-Hire Trucking Employment Index fell to 99.2 in April from 105.3 in March, the article notes, marking the first time since September 2016 that the index has dropped below its base reading of 100.

The JOC says spot market rates for trucking declined rapidly, with rates on some long-haul lanes falling to less than $1 per mile.