Truckers Cut Payrolls As Freight Demand Softens
By Jennifer Smith
April 5, 2019 1:28 p.m. ET
Trucking companies pulled back from hiring in March as freight demand softened and job growth across the logistics sector slowed.
Carriers cut payrolls by 1,200 jobs last month, according to preliminary figures the Labor Department reported Friday, halting a nearly yearlong expansion amid signs a hot streak that boosted transportation companies’ profits in 2018 is cooling.
Trucking company Covenant Transportation Group Inc. last month lowered its first-quarter profit forecast, citing weaker than expected freight volumes from late January through mid-March.
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