US Transportation Labor Market Update Q2 2024: Transportation Shifts Back to Labor Market

Indeed Employment Trends in Transportation IndustryIndeed Employment Trends in Transportation Industry Declining Job Postings * Overall labor market stabilizes, with job postings down 12.4% year-over-year as of July 5, 2023. * Transportation sector reflects this trend, with vacancies decreasing in all categories compared to a year ago. * Aviation sector experiences largest year-on-year decline in vacancies (-20.5%). Slowing Wage Growth * Annual wage growth for driver occupations slows significantly, with year-over-year growth of 1% through June 2024. * Wage growth in load/warehouse positions remains relatively strong at 3.9% year-over-year. Other Key Points * Logistics support and driving job postings hold up slightly better than the broader market. * Demand for aviation jobs remains relatively strong, despite the slowdown in job openings. * Indeed Hiring Lab tracks employment trends in the transportation industry and analyzes data from Indeed.

Indeed Hiring Lab tracks employment trends in the transportation industry and analyzes the latest Indeed data. We examine overall labor market trends and dive deeper into job posting trends across different transportation job categories. Finally, we dive into recent employee turnover trends.

Most important points:

• The overall labor market continues to stabilize, with total job postings on Indeed down 12.4% from July 5, 2023.
• The number of vacancies in all transport categories has decreased compared to a year ago. The largest year-on-year decrease was in the aviation sector.
• Annual wage growth for driver occupations has slowed significantly, with year-on-year growth of 1% through June 2024, down from 1.9% in December 2023.

Indeed vacancies

The broad moderation in the labor market continued into the second quarter. As of July 5, 2024, the Indeed Job Postings Index (JPI) was down 12.4% from the same period last year, and the labor market is approaching pre-pandemic levels after more than two years of near-continuous declines. The JPI stood at 111.7 on July 5, meaning that the overall level of job postings nationwide is 11.7% above their pre-pandemic baseline (February 1, 2020).

The line chart titled “U.S. job postings down 12.4% year over year” shows the change in Indeed job postings from the pre-pandemic baseline, through July 5, 2024. Job postings in the U.S. have declined 12.4% over the past year.

Vacancies in the transport sector

The trend in Transportation mirrors that of the broader labor market, with job openings declining steadily but still above pre-pandemic levels across all categories. Job openings for Logistics Support and Driving have fared slightly better than the broader market, down 10.2% and 11% year-over-year, respectively, compared to the overall labor market decline of 12.4% over the same period. Aviation is currently leading the slowdown in transportation job openings, down 20.5% year-over-year. However, demand in the Aviation category remains relatively strong, with job openings still 30% above February 2020 levels.

The table titled “Transportation postings slow as logistics support approaches pre-pandemic levels” shows trends in job postings over the past year through July 5, 2024, and from the pre-pandemic baseline, for several occupations in the transportation industry. Job postings for drivers declined 11% over the past year but remained 26% above their pre-pandemic baseline.

Wage growth in the transport sector

The Indeed Wage Tracker shows that wage growth across the broader labor market is leveling off, with wage trends in Transportation largely following suit. The slowdown in annual wage growth for driver and load/warehouse positions has moderated over the past year, although load/warehouse growth remains relatively strong at 3.9% year-over-year (compared to the labor market average of 3.1%). Annual wage growth in driver vacancies is a much more modest 1% through June 2024.

Line chart titled “Transportation wage growth has returned to pre-pandemic levels” shows the year-over-year wage growth, in %, for Driving and Loading and Storage vacancies through June 2024. Wage growth in Driving vacancies is up 1% year-over-year.

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