...The occupation of truck driving is often portrayed by the industry and in the popular press as beset by high levels of turnover and persistent “labor shortages.” Our analysis of OES data agrees that the labor market for heavy and tractor-trailer truck drivers shows markers of a “tight” labor market over the period since 2003—employment in the occupation has been resilient, and nominal annual wages have persistently exceeded those of other blue-collar jobs with similar human capital requirements. While we do use ATA data to identify one segment of the trucking labor market (long-distance TL motor freight) that has experienced high and persistent turnover rates for decades, the overall picture is consistent with a market in which labor supply responds to increasing labor demand over time, and a deeper look does not find evidence of a secular shortage...I've been reading economists talking to one another for about 10 years now, and there is one thing that is clear - very few of them will ever agree that there's a such thing as a labor shortage.
Friday, April 26, 2019
There isn't a truck driver shortage?
From the in-house journal of the Bureau of Labor Statistics, this fascinating article with a really interesting conclusion (emphasis mine):