By John Del Vecchio
One of the hottest job markets in the U.S. is the trucking industry. Business is booming. A major shortage of drivers has led to a spike in wages as well as other perks such as signing bonuses. While trucking is hot, inflation is heating up too.
The underlying price pressures in transportation and logistics, as well as raw materials persist. The trend is strong and is a factor into why the Federal Reserve will likely continue to raise rates.
The change in pricing for the General Freight Trucking industry has rebounded and now growing by double digits.
Of course, this will start to be reflected in prices elsewhere as companies feel the pinch from higher delivery costs. This past earnings season we saw packaged food companies warn of higher transportation costs. Expect that to show up in your grocery bill in the near future!