Financial Advice for Retirement, Social Security, IRAs and Estate Planning

The Great Truck Driver Shortage

June 11, 2018

When economic growth is strong, there tend to be shortages and imbalances. Most employers now complain of not being able to find enough qualified workers for the jobs they have to fill, but trucking companies are especially worried. The truckers say there is an acute shortage of drivers, and that’s leading to delayed deliveries and other problems.

The Federal Reserve’s period survey of economic conditions across the country has also pointed to a scarcity of truck drivers. In the mid-Atlantic region stretching from Maryland to South Carolina, for example, the Fed said “driver shortages have led some trucking companies to turn some business away.”

The problem isn’t going away anytime soon, either.

An industry trade group says the U.S. needs at least 30,000 additional drivers to handle all the goods being transported, a number that is expected to increase as older truckers retire. More than half of the nation’s estimate 3.5 million truckers are 45 or older. And almost all are men.

 

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