Trucking Helps with Most Recent Job Gains

 

Heavy Duty Trucking --- The U.S. economy added another 228,000 non-farm jobs in November, aided by job gains in the trucking industry, according to a recent Labor Department report.

The performance was better than a consensus estimate from analysts, who forecast jobs would grow by 200,000 during the month.

Employment continued to trend upward in the professional and business services, manufacturing, and health care sectors. Growth has averaged 174,000 per month so far this year, compared with an average monthly gain of 187,000 in 2016.

The department also revised the October figure to 244,000 job additions, down from its previously estimated number of 261,000. September was moved higher to 38,000, first reported as an 18,000-job gain.

There were 1,800 for-hire trucking jobs added in November. The wider transportation and warehousing sector reported 10,500 job gains, most in the warehousing and storage sector.

The nation’s unemployment rate remained at 4.1% – but that is still a 17-year low.

The department also reported that in November, average hourly earnings for all employees on private nonfarm payrolls rose by 5 cents to $26.55. Over the past year, average hourly earnings have risen by only 2.5%, indicating employers are keeping a lid on payroll expenses.