Have you taken a look at the job market lately?
Here is the great news: we are rapidly approaching the lowest unemployment rate in the labor market since the Korean War back in 1953, at just 3.7%! In July, the U.S. expansion became the longest in record; and that’s not a bad record to beat! However, there are signs of things slowing down a bit.
July’s job growth gains of 164,000 were slower than the rest of the year, but it was still a great number. Experts believe that growth will continue to be around 170,000 new jobs every month throughout 2019. While this was lower than the average of 223,000 a month in 2018, this is partially due to fewer workers being available to be hired due to the low unemployment rate.
This stable job market is welcome to many industries that have been shaken by worries of a trade and currency war with China. With anemic global growth and trade concerns, the stability of the U.S. job market is a calming force for most American businesses. Job growth in the healthcare and financial industries has been especially encouraging!
While all of this is excellent news, fears of a slowdown can cause a lot of anxiety among certain employees, especially those who work in the logistics industry that is so dependent on other sectors.
The trucking industry is currently experiencing a bit of a downturn, with the gross earnings of truckers having dropped over the last six months. After the boom in the transportation industry in 2018, we seem to be back in 2016, borderline recession levels. Thankfully, the trucking industry tends to be cyclical when it comes to profits, and experts do point to encouraging signs that the industry will recover through the rest of 2019 and beyond.
Manufacturing, mining, and construction (all industries that directly impact the logistics industry) are also down due to cutbacks and concerns about trade. Only 40,000 jobs were added to mining and construction firms in July. Though businesses are still hiring, wages have stayed flat in industries that have been affected by the Chinese tariffs.
Even with the downturn, there are still companies out there looking for experienced, hardworking truckers, warehouse workers, and others with logistics training and skills. And this is precisely where Spectra360 shines!
We help connect logistic and transportation businesses with the talent they need. In fact, regardless of the industry you work in, Spectra360 wants to help you find a Temp, Temp-to-Hire, or Direct Hire position that will be the perfect match for your skills!
If you would like more information about Spectra360, we invite you to contact us today to discover exactly what we can do!