Trucking Jobs Drop 4,400 in May, Reversing April Surge and Clouding Rate Cut Outlook

U.S. truck transportation employment fell by 4,400 jobs in May, the Bureau of Labor Statistics reported, nearly wiping out the 4,900-job gain in April. Total trucking jobs stood at 1,424,800, just 500 above March levels and down 23,000 from a year earlier. The decline came within an otherwise strong monthly jobs report showing 172,000 payroll gains, with the unemployment rate holding steady. “With headline job market stats this strong, there is really no compelling case for the Federal Reserve to lower interest rates,” said independent economist Aaron Terrazas, noting that inflation has trended higher. Warehouse employment rose by 6,400 jobs, the largest single-month gain since May 2024, but remains below year-ago levels. Uber Freight (NYSE: UBER) principal economist Mazen Danaf said long-distance truckload employment grew in March and April, narrowing the year-over-year decline, but overall capacity remains constrained by high fuel prices and regulatory challenges.