Keep on Truckin’

Driverless vehicles have not taken over the road just yet.  Technologies behind automated autos advance quickly, but many more miles of testing are ahead before the D.M.V. shuts its doors for good.  Public safety remains a key hurdle for the technology.  Several firms have pulled their prototypes off the streets following recent tragedies in California and Arizona which killed two people.  In the meantime, our economy needs goods shipped throughout the nation which requires drivers, paid drivers.

A recent study from the American Trucker Association revealed rising remuneration for drivers.  As our economy has continued improving, more goods get shipped which means more miles are driven.  As these freight requirements are rising, the supply of qualified drivers is not moving up as quickly.  The result?  Wages are moving up because firms compete for this relatively scarce skillset.  Their survey, which included over 100,000 drivers, found firms furnishing larger compensation packages.

Salaries and benefits are becoming more generous.  In 2013, the last time this survey was completed, the median salary for a truckload driver working a national, irregular route was over $46,000.  Since then it has improved 15 percent to $53,000.  Median pay for private fleet drivers increased nearly 18 percent to $73,000.  This survey also found companies are needing to pay signing bonuses for new hires, and benefits like paid leave, healthcare, as well retirement plans to retain their current drivers.

America’s economy continues progressing down the highway.  Atlas has mentioned deceleration in several notes over the past month or so, but from the cab of this truck, there are no signs of Smokey asking drivers to exit the highway.  Yes, sometimes there are weather issues or rubbernecking at unexpected road hazards, but there are no signs of a recession that we can see.  This economy is still truckin’.