The Decline of the Trucking Industry in America
At Extreme Investor Network, we understand the importance of staying informed about economic trends that can impact investments. One such trend that is currently making waves is the decline of the trucking industry in America.
According to recent data released by the Bureau of Labor Statistics, America has lost 1,544,700 trucking jobs on a seasonally adjusted basis. This decline has led to a shortage of 30,000 truckers on the road as compared to July 2023. This shortage is concerning as demand for trucking services remains high, leading to potential supply chain slowdowns.
One of the contributing factors to the decline in the trucking industry is the challenging lifestyle that truck drivers face. The average age of a truck driver is between 46 to 60, with many drivers experiencing health issues due to long periods on the road and lack of exercise. Additionally, regulations imposed on truckers have made the job increasingly difficult, with many drivers choosing to avoid certain states altogether.
As reported by the New York Times, the truck driver lifestyle has been described as grueling, with drivers spending long weeks or even months on the road, often sleeping in their trucks. This lifestyle has taken a toll on many drivers, both physically and mentally.
Despite the importance of the trucking industry, with around 72% of American freight being moved via trucks, there has been a significant decline in interest in pursuing careers in trucking. This poses a major challenge as the median aged driver is nearing retirement age, and the industry is already experiencing a mass exodus of workers.
At Extreme Investor Network, we believe that staying informed about economic trends, such as the decline of the trucking industry, is crucial for making informed investment decisions. Be sure to follow our blog for more insights on the latest economic developments and how they can impact your investments.