Trucking Industry Boosts The Overall Employment Rate
The economic condition in U.S. continues to improve as the employment rate rises, courtesy of the trucking industry, which has played an instrumental role by turning around the dire circumstances of the lack of drivers in the field. A report about the manufacturing side of the trucking sector was published recently, which proclaimed that it was a positive relief for the economy that had been suffering in the past due to the plummeting rate of employment.
The Labor Department also issued a report on Friday 4, 2015, which states that a total of 211,000 non-farm jobs were added in the month of November, which was a continuation of a positive trend from October in which 298,000 employment opportunities had been added. This has resulted in keeping the unemployment rate on the lower side of 5%, which is the lowest reported rate since April, 2008.
The internal hiring for trucking jobs resulted in the addition of 2,300 jobs in November, which was a massive revision from October, which reported an increase of a mere 900 jobs. The jobs offered by the trucking industry are not just owed to the fleet companies who are hiring drivers and maintenance staff, but other sub-sectors like the transportation and warehousing also brought about a positive change in the economic variables, by an addition of 6,400 jobs.
The chief economist at the Stifel Fixed Income, Lindsey Piegza said, “A strong employment report this morning, at least against the new, lowered bar of judgment whereby anything over 200,000 is considered solid.” She compared the report with the one that was issued earlier this week to provide a quantitative analysis of the decline in the activity of the service sector and hiring. However, this dire situation was somewhat made better by the publication of the new report that hints at the improved employment levels in U.S.
Piegza further said, “Service sector activity tends to lag behind manufacturing activity, which has fallen off to the lowest level since 2009 as of November suggesting further weakness may be coming down the pipeline as we head into the New Year. Accounting for more than a third of the economy, additional momentum will be needed in the service sector to maintain the current stagnant 2% growth pace, let alone result in the type of momentum Federal Reserve Chair Yellen and Company are anticipating in 2016.”
The report follows the one published by the U.S. Commerce Department, stating the increase in factory orders throughout the nation, which will result in a 1.5% increase in new orders for manufactured goods. The new orders for manufactured durable goods also rose higher by a 2.9%. However, the increase in the new orders have made some of the analysts worried, who are now calling for better control over the hike, so that the economy can withstand the plummet in the energy industry and the increased interest rates. – See more at: http://truckernews.com/trucking-industry-boosts-the-overall-employment-rate-p582-90.htm#sthash.v48KtSfD.dpuf