With the global economic downturn hitting a sluggish pace, the labor market has begun to improve for truckers and their workers.
But many truckers still face the biggest challenge: the unemployment rate.
A report released Thursday from the International Monetary Fund and the World Bank found that the number of unemployed truckers is at its highest level in more than three years.
The International Federation of Independent Business (IFIB) estimates that the U.S. unemployment rate is 7.7 percent.
That puts truckers in the lowest-paying jobs in the U, which is the second highest unemployment rate among OECD nations.
As of January, the U-pick trucking industry, the largest of the three sectors that employ truckers, was worth about $8.7 billion, according to Bloomberg News.
That’s a drop from its peak in mid-2014.
But even as the U pick trucking boom has subsided, the job market is still very volatile.
A recent report by the Institute for Supply Management (ISM) found that job openings and layoffs are surging across all sectors, from trucking to retail.
According to the ISM, there were 3.6 million openings for workers in the trucking sector in the fourth quarter of 2018.
The trucking and retail sectors were responsible for the most layoffs, followed by the hospitality and wholesale sectors.
But the truckers are seeing the biggest declines in job opportunities.
Truckers are the only segment of the U workforce that has seen a decline in job growth since the start of the recession, according the ISIM.
That includes the truck drivers who make up the bulk of U.N. aid workers.
“The U.K. is the biggest U.A.E. country and has been a net loser,” says Andrew Wilson, chief economist at the Institute of International Finance (IIF), which provides financial support to the global economy.
“There’s been no net job gain for trucking.
But in the European Union, there has been substantial job gains, which are reflected in GDP growth.”
And it’s not just the truck industry that is suffering.
Other sectors of the economy are also suffering.
The ISIM estimates that, on average, U.M. businesses lost 3.5 percent of their value during the recession.
In contrast, U-Pick saw a 5.1 percent decline in the first quarter of 2019.
“If you’re a trucker, you are a lot more vulnerable to the economic downturn,” says Wilson.
“You are not only competing with low-skilled workers but you’re competing with higher-skilled employees.
You’re competing against China.”
Wilson says that, while truckers have seen some growth, it’s a small part of the overall U.B.C. economy.
U-B.A.-C.A.’s truckers account for less than 1 percent of the workforce, but the economy in the region accounts for almost 70 percent of its gross domestic product.
The IFS predicts that the overall unemployment rate for truck and retail workers will hit 10 percent in 2021.
That would be the highest level since December 2015.
“What is happening is that the economy is contracting and that the labor supply is shrinking,” says Nicholas Johnson, senior economist at IFS.
“In this environment, truckers can’t find new workers.”
Johnson says the UB.
B.’s workforce is also growing and that U-Haul’s boom is helping boost their numbers.
“We’re seeing a lot of growth in the logistics sector,” Johnson says.
For now, the unemployment problem is still relatively limited. “
Truckers are very vulnerable to any kind of economic downturn.”
For now, the unemployment problem is still relatively limited.
The number of people in U.C.’s employment force has been shrinking for years.
And while the IFS expects the unemployment number to rise over the next few years, the economy could be on the road to recovery.
The U. B.C.-U.S.-China trade deficit is expected to shrink from $6.5 billion to $5.4 billion by 2019, according a report by UBS in September.
That is a drop of more than 25 percent, but it is still well below the $6 billion deficit that caused the global financial crisis.
As the economic recovery continues to accelerate, some analysts are optimistic about the future of the industry.
“I think the job recovery is really going to be one of the most important things we’ll see over the coming years,” says Robert Eiselt, chief economic adviser at the UBS.
“That’s because it’s the most vulnerable to a downturn.”