Trucking Jobs Rise 4,800 in August BLS Report
Truck transportation employment increased by 4,800 jobs in August, reaching its highest level since October, though the sector remains down about 10,000
Truck transportation employment rose by 4,800 jobs in August, reaching 1,470,300 positions according to the latest Bureau of Labor Statistics report. This is the sector's highest job count since October, but it remains approximately 10,000 jobs below the level seen a year ago.
David Spencer, vice president of market intelligence at Arrive Logistics, cautioned against reading too much into a single month's data. He noted that a significant jump of more than 5,000 jobs in April was followed by two months of declines that largely erased those gains. "A single month trend does not in itself indicate that conditions are beginning to shift," Spencer said in a comment to FreightWaves.
However, Spencer pointed to recent stability in truckload spot rate volatility, including a muted market response to the Labor Day holiday, as noteworthy context. He suggested that sustained employment growth could signal a shift in carrier priorities away from replacing aging equipment and towards driver benefits and wages.
Truckload, LTL, and Warehouse Figures
The report provides a mixed picture for specific freight sectors. Long-distance truckload driver employment, which lags the overall truck transportation data by one month, stood at 501,400 jobs in July. This represents an increase of nearly 5,000 jobs since January, but it is down from 505,300 a year ago and significantly below the recent peak of 553,600 jobs in October 2022.
Less-than-truckload (LTL) driver growth has been slower. Employment in that subsector rose by just 100 jobs between June and July, reaching 247,100 jobs. This figure is still 2,000 jobs below the level of a year earlier and far from the June 2022 peak of 282,200 jobs.
Warehouse jobs declined for a second consecutive month. Employment fell by 2,600 jobs between July and August, settling at 1,837,400 jobs. This is 32,000 jobs fewer than a year ago and starkly lower than the all-time peak of 1,939,300 jobs recorded in March 2022.
| Sector | Period | Jobs Figure | Comparison |
|---|---|---|---|
| Truck Transportation (Overall) | August 2023 | 1,470,300 | Up 4,800 from July; down ~10,000 year-over-year |
| Long-Distance Truckload | July 2023 | 501,400 | Up nearly 5,000 since Jan; down from 505,300 a year ago |
| LTL Drivers | July 2023 | 247,100 | Up 100 from June; down 2,000 year-over-year |
| Warehouse | August 2023 | 1,837,400 | Down 2,600 from July; down 32,000 year-over-year |
Broader Labor Market and Payroll Data
Independent economist Aaron Terrazas found no hidden weakness in the broader labor report. He noted that July's initially reported surprise decline of 23,000 jobs was revised upward in the latest release. "July’s initially-reported surprise decline in payrolls now looks like a respectable gain well within the range of breakeven estimates," Terrazas said in an email to FreightWaves. He attributed the earlier dip to local government and education payrolls, which are noisy in late summer.
Supplementary data from Superior Trucking Payroll Service, which processes pay for thousands of drivers, showed its drive pay index slipped to 158.08 in August from 161.31 in July. Despite the monthly dip, the index remains well above the year-ago level of 148.88. The firm's measurement of driver turnover for August was 9.37%, down from the double-digit rates recorded between September 2022 and March 2023.
Rail employment saw a gain of 900 jobs, rising to 150,400 from an upwardly revised 149,500 in July. This is considered a significant increase for a sector where change is typically slow, though rail jobs are still down from 154,100 a year ago even as rail traffic has increased.
