A shortage of truck drivers that has been simmering in the U.S. for years has reached a full boil, causing anxiety from small factories to the Federal Reserve. Trucking companies have responded by raising wages and boosting their hauling fees. Their customers then have to choose between smaller profits or passing along the higher costs, which fuels inflation. Some producers have encountered a shortage of trucks, which can tap the brakes on economic growth. Don’t expect the problem to go away soon: In the tight labor market, construction and manufacturing jobs will continue to lure would-be truckers.
1. How bad is the driver shortage?
The truck-driver shortfall swelled to a record 296,311 in the second quarter of this year, according to FTR Transportation Intelligence. The change was swift: In the fourth quarter of 2015, less than a 10th that many driver jobs went unfilled.
