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Analysis by FTR shows that unemployment benefits were competitive. In 22 states, the median wage for a heavy truck driver exceeded maximum unemployment benefits by less than $5,000 a year.
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Improvements in industrial production and housing may help drive a truck freight recovery, but spikes in COVID-19 cases in many parts of the country and questions about what Congress may or may not do leave a lot of uncertainty in the forecast, according to analysts at FTR.
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More than 88,000 jobs disappeared in the truck transportation sector in April, a 5.8% drop from March, both the steepest drops on record – part of a record-setting 20.5 million job loss across the country, as the nation’s unemployment rate rose to 14.7%.
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According to FTR’s projections for its Trucking Conditions Index, a combination of drastic declines in freight volumes, utilization, and rates due to the COVID-19 pandemic could lead to the worst overall trucking conditions on record during the second quarter of this year.
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The U.S. economy was rocked today by shocking numbers of 3.3 million people filing unemployment claims for the first time, but the worst is still to come for trucking.
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The U.S. unemployment rate in May hit its lowest level since 2000, while other reports showed increased movement in the nation’s manufacturing sector and spending on construction hit a record high.
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Unemployment in the U.S. hit a post Great Recession landmark, according to figures released Friday, while a separate report showed increased factory orders but declining capital investment for new factory equipment.
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The number of U.S. non-farm jobs added in March moderated while trucking added the most jobs in recent memory, according to a new Labor Department report.
Read More →Employers in the U.S. added far more jobs in February than analysts were expecting, but there are some concerns about the nation’s manufacturing sector as consumer credit slowed and the trade deficit hit a near 10-year high.
Read More →One of the biggest drivers of the U.S. economy is expected to grow between 3.8% and 4.4% this year over 2017, according to a new economic forecast from the trade group the National Retail Federation.
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