Truck transportation employment drops again
Employment in the truck transportation sector in October recorded its fourth decline in the past five months as total jobs in that classification are now down more than 30,000 since its most recent high.
The decline of 5,000 seasonally adjusted jobs reported by the Bureau of Labor Statistics for October actually was a smaller drop than in July and August. With revisions in place for September and August, the past five months have recorded a decline of 1,400 jobs in June, 6,900 in July, 30,700 in August — when the demise of Yellow Corp. first hit the market — and 5,000 in October. Sandwiched in there was an increase of 13,400 jobs in September, which had suggested the BLS might have overshot the impact of Yellow’s closure.
Maersk plans thousands of job reductions, says ocean market is ‘worsening’
Maersk plans to reduce its workforce by 3,500 positions in the next year as it prepares for challenges in the ocean market, CEO Vincent Clerc said in a Q3 earnings call on Friday.
Up to 2,500 jobs will be eliminated “in the coming months,” with the remaining job cuts extending into 2024, according to a press release. The goal is to bring total jobs at the company down to below 100,000 positions.
Yellen calls for more trade between U.S. and LATAM
U.S. Treasury Secretary Janet Yellen wants Latin America to trade more with the U.S. in order to limit China’s dominance of the global manufacturing market.
During a speech Yellen delivered November 2 to kick off the inaugural Americas Partnership for Economic Prosperity Leaders’ Summit in Washington D.C., she said that certain South American countries have “tremendous potential benefits for fueling growth in Latin America and the Caribbean.”