U.S. trucking and shipping networks were affected by the collapse of LTL supplier Yellow, and competitors' freight and trucking employment declined.
LTL provider Saia's latest July and August freight and tonnage data report shows that the company's LTL shipments increased 14.2 percent year-on-year in August and 6 percent year-on-year in July, with freight growth higher than previously reported. As of August 1, its sales were up 13% at an annualized rate. Revised full-month data show that the entire August turnover continued to grow.
According to research firm SJ Consulting Group SJ Consulting Group, Yellow's shipments have been the fifth largest bill provider. In 2022, Yellow will process about 49000 bills per day, while LTL freight volume will increase directly related to LTL carriers' freight changes after Yellow's collapse.
In the freight demand downturn, other LTL airlines, from ABF Freight System and other national companies, to the northeast of A. Duie Pyle and other regional supplier data report, in Yellow closed after the freight revenue has significantly increased.
's Connecticut-based LTL supplier XPO said Tuesday that its LTL shipments in August rose 8.1 percent year-on-year. In contrast, shipments in the second quarter increased 1.9 percent.
LTL's employment rate may be at a 9-year low
According to data from the U.S. Bureau of Labor Statistics BLS, the number of employees in truck rental companies decreased by 35700 in August from July, compared with about 33000 employees in Yellow alone. Employment in the trucking industry fell 2.1 percent from a year earlier and 2.2 percent from July.
the index shows that trucking employment is still about 4% higher than in the fourth quarter of 2018. The number of employees in the trucking industry fell from 1.62 million to 1.58 million in August, halving the trucking industry's labor force growth since its pre-pandemic peak in mid -2019, when the Bureau of Labor Statistics reported that the trucking industry had 1.55 million employees.
the remaining LTL operators have more freight to handle, keeping capacity tight by adding as few staff as possible helps support higher pricing. Trucking typically adds jobs in August as demand picks up ahead of the fall holidays. The leasing airline added 6300 employees in August 2021 and 3700 in August 2022.
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