The nation’s unemployment rate is now the lowest since February 2009, the U.S. Department of Labor said. We’ve waited a long time to hear those words. The trucking industry continues to pick up the pace and is in its fifth consecutive month of hiring, adding 5,300 new jobs in January. Trucking employment as a whole is up 4% over last year, and January’s job growth is the largest monthly gain in trucking since March, when new hires numbered 5,500.
The nation’s growth reflects that of trucking with 243,000 jobs added in January, exceeding expectations and driving down the unemployment rate to 8.3% from 8.5%, DOL said in a report dated February 3rd. The nation’s unemployment rate is now the lowest since February 2009. That is cause for a celebration.
Trucking isn’t alone in boasting job growth with manufacturing adding 55,000 jobs in January. Other industries include construction which hired 21,000 last month and 31,000 in December. In addition, the retail sector added 19,000 department store new hires and the health and personal care added 7,000 jobs. Automobile dealers also added 7,000 jobs and the mining industry 10,000. With the demand in freight carrying on a continual rise, the Association of American Railroads announced that capital investments by major freight railroads in the United States are expected to reach a record $13 billion, and carriers could hire more than 15,000 workers this year.
Of course, 5,300 new jobs in the trucking industry is great, but more important is the overall 243,000 jobs in the nation. When people are working, they are earning money, money which they spend on goods that we haul across the country.
In past blog posts I’ve said that this is the perfect time for a career change for anyone interested in becoming a truck driver. Drivers are in demand and it appears that they will continue to be. Small carriers who are trying to get their business up and running could use the help of a freight factoring company to keep a steady cash flow to grow your business. Make Pay4Freight.com your partner in your success.