{"id":1324,"date":"2017-04-26T17:09:57","date_gmt":"2017-04-26T17:09:57","guid":{"rendered":"http:\/\/quicktransportsolutions.com\/blog\/?p=1324"},"modified":"2017-04-26T17:10:28","modified_gmt":"2017-04-26T17:10:28","slug":"how-trucking-fits-into-the-latest-economic-data","status":"publish","type":"post","link":"https:\/\/quicktransportsolutions.com\/blog\/how-trucking-fits-into-the-latest-economic-data\/","title":{"rendered":"How Trucking Fits Into The Latest Economic Data?"},"content":{"rendered":"

Have you heard? Economic activity sprang back to life in the third quarter. Despite a cantankerous election campaign that seemed to remind us by the day how terrible things are, we\u2019re doing quite well.<\/p>\n\n\n\n
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Judging by the most recent GDP numbers<\/a>, America is on fire. The widest measure of how we are doing, our nation\u2019s GDP, expanded by an impressive 2.1 percent.\u00a0Certainly, this doesn\u2019t mean we should all start dancing in the streets, but there\u2019s nothing wrong with a little room for optimism. There\u2019s been plenty of uncertainty to go around, and numbers like this keep a restive industry calm. So, what\u2019s next?<\/p>\n

The Economic Data<\/strong><\/p>\n

Per the American Trucking Association\u2019s Chief Economist Bob Costello, the economy is currently at \u201ca turning point\u201d and that economic conditions are ripe for expanded growth.<\/p>\n

Another bright spot lies in the job market. Job growth continues to rise in the third quarter, as unemployment statistics drop. On the job growth side, there are multiple arguments. Some expect the growth to continue and the economy to continue to expand, other\u2019s say it\u2019s likely that growth will decelerate.<\/p>\n

Dig deeper into the numbers and you can see that some parts of the economy that had been a drag in the previous few quarters had rebounded. One example is the oil<\/a> and gas sector, which appears to have recovered a bit from its bottom.<\/p>\n

Research firm HIS Markit reported on the manufacturing sector, which showed a rebound from the three-month low it sat at in September. With numbers improving across the board, this could signal a broad-base upturn in broad market economic conditions. This means only good things for trucking.<\/p>\n

But are there areas of concern? Certainly. Consider that even with the solid third-quarter bump, year-over-year GDP growth languished at a mere 1.7 percent. At the same time, last year, we sat at a modest 2 percent.<\/p>\n

What we are seeing is a wide recovery, if not an all-out boom. Still, will we see an interest rate hike because of new economic policies, from both a new administration and unified Congress? Even so, don\u2019t expect a large hike. No one wants to sink the economy when it seems to be finally picking up some steam.<\/p>\n

Where Trucking Fits In<\/strong><\/p>\n

Trucking continues to play an important role in the health of our nation\u2019s economic recovery. The trucking employment shortage has become almost old news. Yet trucking fills the roles as more and more people step into the cab.<\/p>\n

Per a new Labor Department report, trucking was one of the industries that helped push our overall GDP number as high as it was. Nation\u2019s unemployment rate sat at 4.5 percent.<\/p>\n

Of those numbers, in-for-hire trucking saw a net gain of 4,700 jobs<\/a> from the month before. Wider transportation and warehouse numbers rolled in at 7,500. Consider that these numbers were revised higher after the fact, and it\u2019s not hard to see how the trucking industry plays a vital role in the overall health of our nation\u2019s economy.<\/p>\n

Headwinds?<\/strong><\/p>\n

Still, it\u2019s important to never get overconfident. We have seen 85\u00a0consecutive months of positive job creation. Some say that the job market has reached a saturation point; that the pace of hiring will inevitably slow.<\/p>\n\n\n\n
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Wage pressures are still minimal, so it appears there is still room for bottom line growth within the real economy. But capital goods numbers fell by 1.3 percent.<\/p>\n

These are minor headwinds when compared to the overall level of economic growth. Trucking continues to play a vital role in our nation\u2019s economy, and the numbers appear to look good for future growth.<\/p>\n","protected":false},"excerpt":{"rendered":"

Have you heard? Economic activity sprang back to life in the third quarter. Despite a cantankerous election campaign that seemed to remind us by the day how terrible things are, we\u2019re doing quite well. [wp_ad_camp_2] Judging by the most recent GDP numbers, America is on fire. The widest measure of how we are doing, our … Read moreHow Trucking Fits Into The Latest Economic Data?<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[333],"class_list":["post-1324","post","type-post","status-publish","format-standard","hentry","category-trucking","tag-trucking-jobs"],"yoast_head":"\nHow Trucking Fits Into The Latest Economic Data? - Quick Transport Solutions Trucking Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/quicktransportsolutions.com\/blog\/how-trucking-fits-into-the-latest-economic-data\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How Trucking Fits Into The Latest Economic Data? - Quick Transport Solutions Trucking Blog\" \/>\n<meta property=\"og:description\" content=\"Have you heard? 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