The road transport sector experienced a significant job loss in May. According to the Bureau of Labor Statistics, more than 5,000 jobs were eliminated, marking the second consecutive monthly decline.
Representatives of some logistics companies, noted that low rates and high operational costs have forced carriers to cut their workforce. This trend could continue as there are no signs of improvement. Since the third quarter of 2022, more than 30,000 operators have exited the market, exacerbating the employment reduction.
So far this year, the sector has lost nearly 2,000 jobs, 30,000 fewer positions than last year.
Despite the decline in road transport, the impact on the overall transport sector is significant. Employment increased by nearly 11,000 jobs, with subsectors such as air transport and courier/messenger services showing significant gains. However, rail transport also reported a slight loss of employment.
On a global scale, employment across all industries grew by 272,000 jobs, exceeding economists expectations. However, the transport labor market is not immune to challenges, as the unemployment rate slightly increased to 4.0%, reflecting the ongoing global employment challenges.