Jennifer Smith reports for The Wall Street Journal that the trucking industry is hiring faster than it has for five years. Companies seem to be more confident in their prospects for orders and demand over the next few months, pushing them to pull the trigger on more transportation hiring. She writes:
Trucking fleets stepped up hiring at the fastest pace in five years in February, adding 10,600 jobs in a display of confidence as companies across U.S. industries ramped up payrolls.
Goods-producing private companies added 95,000 jobs last month, fueled by strong growth in construction and manufacturing, the U.S. Bureau of Labor Statistics reported Friday in a monthly employment report that suggested building momentum in the economy.
The hiring at trucking companies, which came after the industry cut payrolls by 5,100 jobs in January, was the strongest monthly gain in the BLS report since February 2012.
The growth comes as several measures for freight shipments and equipment orders suggest companies are more assured about demand growth in coming months. Friday’s jobs report pointed to stronger shipping in coming months, with manufacturing companies adding 28,000 jobs, hiring expanding sharply in the mining sector and construction growing amid mild winter weather.
“We’ve seen a lot of action this year on the industrial side of freight,” said Mark Montague, an industry pricing analyst with DAT Solutions LLC.
Read more here.
Latest posts by Dick Young (see all)
- Are You One of the Many Investors Wasting Your Time? - August 10, 2018
- Marry Compound Interest, Divorce Market Timing - August 3, 2018
- Investing with the Hard-Hitting NFL-style of Paul Brown - July 27, 2018