Freight Recession Drives Thousands of Truck Drivers Out
With reduced earnings and increased layoffs, truck drivers are leaving supply chain jobs amidst a harsh freight recession.
A freight recession is driving several thousand truck drivers to leave their positions in one of the industry's most significant downturns. The decline follows an initial boom when the White House sought to attract more truck drivers through paid apprenticeships and outreach to military veterans. However, recent economic shifts have led to less freight being moved around, leading to reduced earnings for drivers. This development has contributed to the expected bankruptcy of Yellow Corp., the nation's third-largest trucking company, which results in 30,000 job losses.
The industry, deregulated since 1980, experiences regular boom-and-bust cycles. This downturn has resulted in reduced earnings and layoffs, and new entrants are hit hardest by the slump. This shift, however, has also made the nation’s supply chain run more smoothly than it has since 2008.
The freight recession could bring benefits to consumers and manufacturers as it creates more capacity in the U.S. supply chain.
Source: The Washington Post