Trucking News Roundup
Things have been pretty busy for the trucking industry, and here are a few quick highlights of some of the more major events that occurred recently:
â€¢ The trucking industry added 3,600 jobs.
â€¢ The Military Commercial Driverâ€™s License Act of 2012 was signed by President Obama.
â€¢ Rebuilding efforts following Hurricane Sandy could drive up demand for truck-transported freight.
Trucking Industry Adds 3,600 Jobs in October
The trucking industry added 3,600 jobs in October, according to the Bureau of Labor Statistics. This marked an increase from the 700 jobs that were added in September, which had been a slow month for the nationâ€™s economy: Employers took mass layoff actions (over 800 actions involving 70,570 workers) at a slightly higher rate than they did in August. In addition, the total number of job openings, which was close to 3.6 million, remained relatively unchanged from August. During the last 12 months, the trucking industry has added 47,200 jobs â€” 36,200 of which were added during the 2012 calendar year.
Hurricane Sandy Recovery Will Increase Freight Demand
According to recent estimates by consulting firm Freight Transportation Research Associates (â€œFTR Associatesâ€), the rebuilding efforts along the East Coast following Hurricane Sandy should drive up the demand for truck-transported freight. FTR Associates Senior Consultant Noel Perry noted that the trucking industry can look forward to more revenue in the long term due to the need to resupply the repairing efforts than they will lose over the short term while trucks are waiting for storm damage to be repaired.
Over the short term, Perry estimates a loss of roughly $140 million per day during this downtime but he is confident that the monetary loss will be recouped. Trucking is one of the few modes of transportation that can properly supply the post-hurricane rebuilding efforts, and because of that, the industry should experience positive effects. â€œRetail outlets need immediate resupply that only truckingâ€™s time sensitive character can accommodate. Plus storm damage needs to be fixed. That creates longer term additional freight tonnage,â€ said Perry.
The Military CDL Act Signed by President Obama
President Obama signed the Military Commercial Driverâ€™s Act of 2012 into law, which will make it easier for states to issue commercial driver licenses to members of the armed forces. The law allows states to issue a CDL to a member of the armed forces, which will be applicable to whichever state they are stationed inâ€”even if theyâ€™re not residents.
This law applies to all members of the armed forces serving within the active duty military, the reserves, National Guard and Coast Guard. The ultimate goal of the law is to help the nationâ€™s trucking industry take advantage of the training that many members of the armed forces receive in order to drive heavy transport and combat vehicles.
Trucking News Roundup, November 2012Posted on Nov 13, 2012
Trucking News Roundup