Trucking Employers Cut 88,000 Jobs in April as Unemployment Rate Skyrockets
Washington D.C. – The impact of widespread stay-at-home orders has wreaked havoc on jobs and the trucking industry is not immune.
According to the United States Bureau of Labor, employment in the for-hire trucking industry shed an astounding 88,300 jobs in April, which represents about 6% of the sector’s overall employment.
Employment in trucking has now reached its lowest level since November 2014.
It’s even worse in the broader labor market, as U.S. employers cut 20.5 million jobs sending the nation’s unemployment rate soaring to 14.7 percent.
It’s the highest rate since the Great Depression and represents an all-time record for most jobs lost in one month.
More than 30 million jobs have been lost since President Trump declared the COVID-19 pandemic a national emergency on March 13.
Long gone are the pre-pandemic days of 3.5 percent unemployment and historic lows among women and African Americans.
Feeling the worst of the damage is the leisure industry which includes such businesses as hotels, restaurants and bars.
Americans working in this sector were crushed in April as 7.6 million people lost their jobs.
Sectors connected to trucking, construction and manufacturing, lost 975,000 and 1.33 million jobs respectively.
The only good news is that by this weekend 43 states are expected to begin partially reopening for business.
President Trump and his economic advisers have indicated they are optimistic many of the record number of jobs lost will return quickly once America reopens its economy.
Speaking today from the White House, Mr. Trump said he expects the third quarter to be “very good.”
He called it a “transition quarter” and stated he believes the fourth quarter could be “more than good.”
He saved his most optimistic outlook for 2021 in which he commented he expects it to be a “really powerful” year of economic growth.
However, Congress is currently debating another round of stimulus and relief legislation as more Americans are increasingly experiencing the pain of the economic shackles placed on the economy due to coronavirus mitigation efforts.
Trucking groups are now pushing for a host of tax breaks for truckers and carriers to be included in the next phase.
Check out more on which tax breaks HERE.