A fresh wave of bankruptcies and layoffs blighted the transportation and logistics sector over recent weeks, “with trucking companies, truck dealers, repair businesses and logistics providers filing for Chapter 7 and Chapter 11 protection while hundreds of workers faced job cuts nationwide.”
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Many veteran roadsters are saying that AI and similar technology are making truck driving jobs safer, with this technology being about to help in a multitude of ways, including telling drivers if there’s an oncoming threat of a deer in the road, or help a supervisor know whether one of their drivers is dozing off or daydreaming, including telling the driver himself to pay attention to the road.
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Even though freight rates are steadily rising, the industry continues to lose trucking jobs due to multitudinous factors that have created both positive and negative conditions at the same time. According to the most recent federal data, “more than 1,000 trucking jobs were eliminated in June. Since February 2023, employment in trucking has gone down in all but five months.” Read more…
Recently, FedEx CEO Raj Subramaniam “downplayed the competitive threat from Amazon’s recent supply chain services announcement.” Subramaniam told Jim Cramer of CNBC’s “Mad Money” that “last week’s announcement versus what FedEx operates is completely different… FedEx is a true end-to-end global network.”
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Driver turnover remains one of the most pricey and harmful challenges fleets face. As competition for qualified drivers intensifies, cost per hire has risen sharply in recent years, “up 14% from 2023 to 2024 and another 24% by 2025.” The ordinary playbook of increasing pay, offering sign-on bonuses or adjusting routes may help short-term relief, but it doesn’t address the underlying reasons drivers exit the industry.
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The world’s tech leaders who are driving the AI revolution are insisting that long standing truck drivers are “actually the foundation of the technology shaping the future.” Recently, Microsoft President Brad Smith exclaimed that a new generation of skilled tradesmen are needed to help coders and data scientists, and Nvidia boss Jensen Huang also predicted that people working to build technology facilities will soon be earning six-figure salaries.
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