The Bureau of Labor Statistics has updated its employment numbers for NAICS 484, the trucking industry. Here are the numbers for the past three months.
NOVEMBER 2021 NUMBERS
The numbers posted for November 2021 are:
- 1,521,300 for the initial preliminary count of November 2021.
- 1,515,700 for the revised preliminary employment count of October 2021, a 200 increase from the first estimate.
- 1,507,800 for the solid numbers of September 2021 This is 4,900 above the first estimate and a 200 increase from the previous estimate.
It appears the BLS has a habit of underestimating the numbers by 200, or the trucking industry continues to outperform initial expectations from the government.
Assuming February 2020 was the final month before the coronavirus pandemic hit, the trucking industry is about 3,500 away from the pre-pandemic number of 1,524,800 employees in the industry.
Trucking as a whole has gone through a lot in the last year and a half, plus change. From mass unemployment layoffs and prices of assets crashing as companies left the business, to truck and trailer sales skyrocketing as thrifty companies take advantage of cheaper prices, to supply chain shortages and prices hitting new records as the economy attempts to revive itself again.
Now with port backlogs and rising shipping rates on a per-mile basis, the trucking industry is once again showing its ability to come back from any major event thrown at it.
Go Capital has been there every step of the way, and we are predicting that the preliminary numbers for December 2021 will be above the numbers for December 2020.
We are in the home stretch of this employment trough and will see you at the finish line! Once we cross it, perhaps the industry can focus on hitting its all-time high when compared to July 2019 and 1,532,700 workers. With current events, we believe the industry can hit that goal, too!