Another 1,000 truck drivers lost their jobs in November, and it's a chilling sign for the economy

[dalton99a]

https://markets.businessinsider.com/news/stocks/trucking-bloodbath-truck-drivers-november-jobs-report-2019-12-1028744971

Another 1,000 truck drivers lost their jobs in November, and it's a chilling sign for the economy
Rachel Premack
Dec. 6, 2019, 01:48 PM

The trucking industry slashed 1,000 payrolls in November, according to the most recent jobs report released by the Bureau of Labor Statistics.

The job cuts come at a time when the trucking industry should be ramping up for the holiday season. Warehousing and storage, for example, added 8,000 jobs last month. And in November 2018, some 4,100 trucking jobs were added.

ACT Research says that America's $800 billion trucking market has been in a recession since early 2019. Freight volumes have declined for 11 straight months. Manufacturing, which tracks the trucking industry, has contracted for four straight months.

In the first half of the year, around 640 trucking companies went bankrupt, according to industry data from Broughton Capital LLC. That's more than triple the number of bankruptcies from the same period last year — about 175.

[Demsrule86]

1. My daughter in law and future son in law both lost their jobs...one a couple of days ago...and the

other today.

[moondust]

2. 640 trucking companies went bankrupt

in the first half of this year? Yikes.

I'm sure they were the best bankruptcies, probably the best ever.

[yortsed snacilbuper]

3. They need to change their voting habits.

[smirkymonkey]

5. That photo of him just makes me feel stabby.

God, he is such a fucking asshole!

[Aristus]

7. DU has had our share of liberal truckers.

But yeah, I suspect a lot of them are Trumpsters.

[Wellstone ruled]

6. One could see this coming back in August of this year.

Freight Rates started to go South and that was bound to kill off many Independent Operators. You can only Refy your house just so many times to keep that friggin truck on the road. Then you have to throw in the towel.

Repair Parts as well as Labor charges started to amp up last spring. Yes there will be those who try the Trump BK route,but,that only gets one a few more months of mega interest cares that only come back to bite.

A good barometer of the Storage business is to look and the REIT's that carry Warehouses. They were looking ugly earlier in the year.

All of the Xmas goods are already in store,only thing left is some Food Stuffs that are JIT delivery. Watching the Container Business shows a downturn in progress.

[Arthur_Frain]

8. What?

Another thread nearby just said how the economy is going gangbusters and we added tens of thousands of jobs in November. WTF? Can’t have it both ways.

[hatrack]

9. In recessions, transportation falls first . . .

Beyond that, suspect plenty of the jobs in the November report were seasonal.